Biogen Inc. (BIIB) Downgraded by Raymond James Financial, Inc. to Market Perform
Raymond James Financial, Inc. lowered shares of Biogen Inc. (NASDAQ:BIIB) from a strong-buy rating to a market perform rating in a research note released on Thursday. Raymond James Financial, Inc. currently has $319.00 price objective on the biotechnology company’s stock, up from their prior price objective of $244.28.
BIIB has been the topic of several other reports. UBS AG reiterated a neutral rating and issued a $285.00 price target (up from $270.00) on shares of Biogen in a report on Wednesday, July 26th. Sanford C. Bernstein reissued an outperform rating on shares of Biogen in a research note on Thursday, May 25th. Vetr cut Biogen from a strong-buy rating to a buy rating and set a $311.67 price objective on the stock. in a research note on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) raised Biogen from a buy rating to a conviction-buy rating and set a $338.00 price objective on the stock in a research note on Wednesday, August 16th. Finally, Deutsche Bank AG reissued a buy rating and issued a $319.00 price objective (up previously from $315.00) on shares of Biogen in a research note on Wednesday, July 26th. Fourteen equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $329.99.
Biogen (NASDAQ BIIB) traded up 0.64% during trading on Thursday, reaching $317.05. The company had a trading volume of 513,613 shares. The company has a market capitalization of $67.03 billion, a PE ratio of 20.81 and a beta of 0.77. The firm’s 50 day moving average is $300.47 and its 200 day moving average is $278.47. Biogen has a one year low of $244.28 and a one year high of $330.00.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the prior year, the business posted $5.21 earnings per share. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts predict that Biogen will post $21.51 earnings per share for the current year.
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In other news, EVP Susan H. Alexander sold 7,758 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the sale, the executive vice president now directly owns 27,232 shares in the company, valued at approximately $7,761,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total value of $1,442,509.74. Following the sale, the executive vice president now owns 22,258 shares in the company, valued at $6,455,042.58. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in Biogen by 2,762.0% in the 1st quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock worth $4,837,418,000 after buying an additional 17,074,075 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Biogen by 4,585.3% in the 2nd quarter. Janus Henderson Group PLC now owns 1,445,560 shares of the biotechnology company’s stock worth $392,265,000 after buying an additional 1,414,707 shares during the last quarter. Janus Capital Management LLC boosted its holdings in Biogen by 204.8% in the 1st quarter. Janus Capital Management LLC now owns 1,936,719 shares of the biotechnology company’s stock worth $529,524,000 after buying an additional 1,301,251 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Biogen by 2,288.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,352,164 shares of the biotechnology company’s stock worth $369,709,000 after buying an additional 1,295,540 shares during the last quarter. Finally, Winslow Capital Management LLC acquired a new stake in Biogen in the 1st quarter worth about $345,143,000. Hedge funds and other institutional investors own 87.65% of the company’s stock.
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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