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Biogen (NASDAQ:BIIB) Price Target Raised to $135.00 at Citigroup

Biogen logo with Medical background

Key Points

  • Citigroup has raised Biogen's price target from $125.00 to $135.00, maintaining a "neutral" rating on the stock, signaling a potential upside of 2.31% from its current price.
  • A recent report shows that Biogen's quarterly earnings were $5.47 per share, exceeding analysts' expectations of $3.93, with revenues of $2.65 billion, indicating a year-over-year growth of 7.3%.
  • Twenty-one investment analysts have rated Biogen with a 'hold' rating while twelve have given it a 'buy' rating, reflecting mixed sentiments in the market about the company's stock performance.
  • Interested in Biogen? Here are five stocks we like better.

Biogen (NASDAQ:BIIB - Get Free Report) had its target price raised by investment analysts at Citigroup from $125.00 to $135.00 in a report released on Friday,Benzinga reports. The firm currently has a "neutral" rating on the biotechnology company's stock. Citigroup's price objective would indicate a potential upside of 2.31% from the company's current price.

A number of other equities analysts also recently issued reports on BIIB. Royal Bank Of Canada upped their price target on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a report on Friday. Hsbc Global Res lowered Biogen from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. JPMorgan Chase & Co. lowered their target price on Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a report on Monday, May 5th. Piper Sandler reaffirmed a "neutral" rating and set a $115.00 price objective on shares of Biogen in a research note on Thursday, June 12th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Twenty-one investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $185.63.

Read Our Latest Research Report on BIIB

Biogen Trading Up 3.1%

Shares of BIIB traded up $3.95 during midday trading on Friday, reaching $131.95. The company had a trading volume of 2,780,193 shares, compared to its average volume of 1,570,190. Biogen has a 1-year low of $110.04 and a 1-year high of $213.50. The stock has a market cap of $19.33 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 1.83 and a beta of 0.14. The firm has a 50 day simple moving average of $129.72 and a 200-day simple moving average of $131.90. The company has a quick ratio of 1.01, a current ratio of 1.44 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. The company's quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the company earned $5.28 EPS. Research analysts forecast that Biogen will post 15.83 EPS for the current fiscal year.

Insider Activity at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction 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 sale, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.18% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Biogen by 1.7% during the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock valued at $2,330,774,000 after buying an additional 283,964 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Biogen by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock worth $563,709,000 after purchasing an additional 82,456 shares during the last quarter. Invesco Ltd. increased its stake in Biogen by 6.4% during the first quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock valued at $309,944,000 after acquiring an additional 136,200 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Biogen by 1.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock valued at $295,705,000 after acquiring an additional 21,170 shares during the period. Finally, Northern Trust Corp increased its stake in Biogen by 14.6% during the fourth quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock valued at $237,046,000 after acquiring an additional 196,995 shares during the period. Hedge funds and other institutional investors own 87.93% of the company's stock.

About Biogen

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Biogen (NASDAQ:BIIB)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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