Biogen Inc. (NASDAQ:BIIB) Receives $185.63 Consensus PT from Brokerages

Key Points

• Biogen Inc. has received a consensus recommendation of "Hold" from 32 ratings firms, with 21 recommending a hold and 11 a buy, as the stock's average target price is approximately $185.63.
• The company's recent quarterly earnings exceeded expectations, reporting $5.47 EPS and a revenue of $2.65 billion, which is up 7.3% from the same quarter last year.
• Several hedge funds have increased their holdings in Biogen, with institutional investors now owning 87.93% of the company's stock.

Biogen Inc. (NASDAQ:BIIB - Get Free Report) has received an average recommendation of "Hold" from the thirty-two brokerages that are presently covering the stock, Marketbeat reports. Twenty-one equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $185.6296.

A number of equities analysts have commented on the stock. Robert W. Baird reduced their target price on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Mizuho reduced their target price on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Morgan Stanley reduced their target price on shares of Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Finally, HC Wainwright raised their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a report on Friday, August 1st.

Biogen Trading Up 4.8%

BIIB stock traded up $6.16 during midday trading on Monday, reaching $135.09. The company's stock had a trading volume of 902,113 shares, compared to its average volume of 1,561,492. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. The stock has a fifty day simple moving average of $129.87 and a two-hundred day simple moving average of $131.16. Biogen has a 1 year low of $110.04 and a 1 year high of $207.59. The firm has a market capitalization of $19.81 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.01 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The business's revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm posted $5.28 earnings per share. On average, equities research analysts predict that Biogen will post 15.83 EPS for the current year.

Insiders Place Their Bets

In related news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider directly owned 6,330 shares of the company's stock, valued at $854,550. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.18% of the company's stock.

Hedge Funds Weigh In On Biogen

Hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in Biogen during the second quarter valued at about $284,358,000. AQR Capital Management LLC lifted its stake in shares of Biogen by 153.6% in the first quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock worth $187,258,000 after acquiring an additional 829,150 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in Biogen by 1,663.4% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after buying an additional 736,301 shares in the last quarter. Deutsche Bank AG raised its stake in Biogen by 63.7% during the fourth quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after buying an additional 455,285 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Biogen by 190.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 624,371 shares of the biotechnology company's stock valued at $78,415,000 after buying an additional 409,591 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.