Biogen Inc. (BIIB) Lifted to “Buy” at Stifel Nicolaus
Stifel Nicolaus upgraded shares of Biogen Inc. (NASDAQ:BIIB) from a hold rating to a buy rating in a report issued on Tuesday morning, Marketbeat reports. Stifel Nicolaus currently has $415.00 price objective on the biotechnology company’s stock, up from their previous price objective of $300.00.
“gigantic” aducanumab phase 3 trial, which started in 2015 and was 50 percent enrolled in the second quarter of 2017, Shrader commented in his upgrade note. This should be seen as a “no news is good news” scenario as the Data and Safety Monitoring Board has likely seen a lot of data and hasn’t reported anything negative.Second, Biogen’s partner Eisai is set to report an interim outlook at its plaque-busting mAb that targets the form of Ab plaque thought to lead to neuronal destruction, the analyst continued. The only possible negative outcome would be strong plaque removal with no hints of cognitive benefit and any other result could either be very good or OK.Third, Biogen’s often ignored stroke programs address a very large market. Of particular note, the company’s Tysabri stoke program uncovered the “same cognitive and energy benefits in stroke patients that are routinely reported in MS patients” and turning this effect into a clinical endpoint that would be acceptable for the U.S. Food and Drug Administration is the likely next step.Finally, Ocrelizumab as part of the company’s base business is “meh not mud,” the analyst added. The therapy remains a drug with “remarkable anti inflammatory properties,” but a commercial rollout will likely be “measured.,” Stifel Nicolaus’ analyst wrote.
A number of other research analysts have also commented on the company. ValuEngine upgraded Biogen from a hold rating to a buy rating in a research note on Thursday, June 22nd. Vetr upgraded Biogen from a buy rating to a strong-buy rating and set a $311.67 target price for the company in a research note on Tuesday, June 27th. Credit Suisse Group set a $300.00 target price on Biogen and gave the company a hold rating in a research note on Friday, July 14th. Robert W. Baird restated a hold rating and issued a $290.00 target price on shares of Biogen in a research note on Friday, August 25th. Finally, Deutsche Bank AG restated a buy rating and issued a $319.00 target price (up from $315.00) on shares of Biogen in a research note on Wednesday, July 26th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $340.67.
Biogen (NASDAQ:BIIB) traded down 1.26% during mid-day trading on Tuesday, hitting $338.10. 1,894,625 shares of the stock were exchanged. The company has a 50-day moving average price of $324.03 and a 200-day moving average price of $285.35. The company has a market cap of $71.48 billion, a P/E ratio of 22.19 and a beta of 0.77. Biogen has a one year low of $244.28 and a one year high of $348.84.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, topping analysts’ consensus estimates of $4.36 by $0.68. The company had revenue of $3.08 billion during the quarter, compared to analyst estimates of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company earned $5.21 earnings per share. On average, analysts predict that Biogen will post $21.63 earnings per share for the current fiscal year.
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In other news, EVP Susan H. Alexander sold 4,974 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in BIIB. Waldron LP grew its holdings in shares of Biogen by 17.0% during the first quarter. Waldron LP now owns 3,022 shares of the biotechnology company’s stock worth $826,000 after purchasing an additional 439 shares during the last quarter. Baird Financial Group Inc. grew its holdings in shares of Biogen by 36.2% during the first quarter. Baird Financial Group Inc. now owns 139,171 shares of the biotechnology company’s stock worth $38,052,000 after purchasing an additional 36,975 shares during the last quarter. Lingohr & Partner Asset Management GmbH bought a new stake in shares of Biogen during the first quarter worth $964,000. Beacon Trust Co. grew its holdings in shares of Biogen by 0.5% during the first quarter. Beacon Trust Co. now owns 1,135 shares of the biotechnology company’s stock worth $328,000 after purchasing an additional 6 shares during the last quarter. Finally, Savant Capital LLC grew its holdings in shares of Biogen by 3.7% during the first quarter. Savant Capital LLC now owns 846 shares of the biotechnology company’s stock worth $231,000 after purchasing an additional 30 shares during the last quarter. Institutional investors own 87.62% of the company’s stock.
Biogen Company Profile
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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