HC Wainwright Forecasts Strong Price Appreciation for Biogen (NASDAQ:BIIB) Stock

Key Points

• HC Wainwright raised Biogen’s price target from $251 to $270 and maintained a “buy” rating, implying 6.46% upside from the previous close.
• Analyst sentiment is broadly positive, with Biogen receiving a consensus “Moderate Buy” rating and an average price target of $251.66; recent targets range as high as $300.
• Biogen exceeded quarterly expectations, reporting $2.62 in adjusted EPS and $2.80 billion in revenue, with revenue up 10.6% year over year.

Biogen (NASDAQ:BIIB - Get Free Report) had its price target increased by research analysts at HC Wainwright from $251.00 to $270.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. HC Wainwright's price target would suggest a potential upside of 6.46% from the stock's previous close.

A number of other research firms also recently commented on BIIB. Weiss Ratings downgraded shares of Biogen from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday. Wolfe Research raised Biogen from a "peer perform" rating to an "outperform" rating and set a $300.00 price target on the stock in a report on Thursday, August 13th. Wedbush upped their price target on Biogen from $212.00 to $225.00 and gave the stock a "neutral" rating in a research note on Thursday. Argus raised Biogen from a "hold" rating to a "buy" rating and set a $280.00 price target for the company in a report on Thursday. Finally, Needham & Company LLC boosted their price objective on shares of Biogen from $256.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Biogen presently has a consensus rating of "Moderate Buy" and a consensus target price of $251.66.

Biogen Stock Performance

Shares of BIIB stock opened at $253.62 on Monday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. The firm has a market cap of $37.49 billion, a PE ratio of 108.38, a price-to-earnings-growth ratio of 2.88 and a beta of 0.10. The company has a 50-day moving average of $227.08 and a two-hundred day moving average of $201.04. Biogen has a 1-year low of $146.52 and a 1-year high of $258.78.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same quarter in the prior year, the company earned $4.81 earnings per share. The company's revenue was up 10.6% on a year-over-year basis. On average, analysts predict that Biogen will post 12.44 EPS for the current year.

Hedge Funds Weigh In On Biogen

A number of large investors have recently made changes to their positions in the stock. Bell Investment Advisors Inc purchased a new position in Biogen in the 2nd quarter valued at approximately $27,000. Align Financial LLC increased its holdings in Biogen by 339.3% during the 3rd quarter. Align Financial LLC now owns 123 shares of the biotechnology company's stock valued at $28,000 after acquiring an additional 95 shares in the last quarter. Provenance Wealth Advisors LLC purchased a new position in Biogen during the 3rd quarter valued at about $29,000. Canton Hathaway LLC acquired a new position in shares of Biogen during the 3rd quarter worth approximately $31,000. Finally, Ashurst Perkins Coie Trust Co lifted its stake in Biogen by 92.2% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 173 shares of the biotechnology company's stock valued at $39,000 after buying an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer's disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company's portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer's disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.

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