Biogen Inc. (BIIB) Downgraded by Citigroup Inc. to “Neutral”
Biogen Inc. (NASDAQ:BIIB) was downgraded by equities researchers at Citigroup Inc. from a “buy” rating to a “neutral” rating in a research note issued on Monday.
Other equities analysts have also recently issued reports about the company. Deutsche Bank AG reissued a “buy” rating and set a $319.00 price objective (up from $315.00) on shares of Biogen in a report on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) upgraded Biogen from a “neutral” rating to a “buy” rating and raised their price target for the stock from $228.00 to $338.00 in a research report on Wednesday, July 26th. Vetr lowered Biogen from a “strong-buy” rating to a “buy” rating and set a $309.45 price target on the stock. in a research report on Wednesday, July 5th. Cowen and Company restated a “buy” rating on shares of Biogen in a research report on Thursday, July 27th. Finally, BidaskClub upgraded Biogen from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Twelve investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $340.67.
Biogen (NASDAQ:BIIB) opened at 338.10 on Monday. The company has a market cap of $71.48 billion, a PE ratio of 22.19 and a beta of 0.77. The firm has a 50-day moving average price of $324.65 and a 200-day moving average price of $285.82. Biogen has a 52-week low of $244.28 and a 52-week high of $348.84.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.36 by $0.68. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. Biogen’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted $5.21 EPS. On average, analysts forecast that Biogen will post $21.63 EPS for the current year.
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In related news, EVP Susan H. Alexander sold 4,974 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the transaction, the executive vice president now owns 22,258 shares of the company’s stock, valued at $6,455,042.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.
A number of large investors have recently made changes to their positions in BIIB. BlackRock Inc. grew its stake in Biogen by 2,762.0% in the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock worth $4,837,418,000 after purchasing an additional 17,074,075 shares in the last quarter. Janus Henderson Group PLC grew its stake in Biogen by 4,585.3% in the second quarter. Janus Henderson Group PLC now owns 1,445,560 shares of the biotechnology company’s stock worth $392,265,000 after purchasing an additional 1,414,707 shares in the last quarter. Janus Capital Management LLC grew its stake in Biogen by 204.8% in the first quarter. Janus Capital Management LLC now owns 1,936,719 shares of the biotechnology company’s stock worth $529,524,000 after purchasing an additional 1,301,251 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Biogen by 2,288.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,352,164 shares of the biotechnology company’s stock worth $369,709,000 after purchasing an additional 1,295,540 shares in the last quarter. Finally, Winslow Capital Management LLC bought a new position in Biogen in the first quarter worth approximately $345,143,000. 87.62% of the stock is currently owned by institutional investors.
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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