Biogen (NASDAQ:BIIB) had its price target raised by Morgan Stanley from $453.00 to $455.00 in a research report issued on Friday, Benzinga reports. The firm presently has an "overweight" rating on the biotechnology company's stock. Morgan Stanley's price objective indicates a potential upside of 40.70% from the company's previous close.
Other research analysts also recently issued research reports about the company. The Goldman Sachs Group lifted their price target on Biogen from $246.00 to $436.00 and gave the stock a "neutral" rating in a research note on Monday, June 14th. Stifel Nicolaus dropped their price objective on Biogen from $443.00 to $430.00 and set a "buy" rating for the company in a research report on Thursday. Wedbush lifted their price objective on Biogen from $236.00 to $245.00 and gave the stock a "neutral" rating in a research report on Monday, April 12th. TheStreet upgraded Biogen from a "c+" rating to a "b" rating in a research report on Tuesday, June 8th. Finally, Raymond James upgraded Biogen from an "underperform" rating to a "market perform" rating in a research report on Monday, June 7th. Fourteen investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. Biogen currently has an average rating of "Buy" and a consensus price target of $387.28.
Shares of NASDAQ:BIIB traded down $2.98 during midday trading on Friday, hitting $323.38. 3,489 shares of the stock were exchanged, compared to its average volume of 1,607,246. The company has a market capitalization of $48.68 billion, a PE ratio of 16.97, a P/E/G ratio of 1.60 and a beta of 0.44. The company has a current ratio of 2.12, a quick ratio of 1.75 and a debt-to-equity ratio of 0.68. Biogen has a twelve month low of $223.25 and a twelve month high of $468.55. The firm has a 50 day simple moving average of $334.36.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 22nd. The biotechnology company reported $5.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.55 by $1.13. The business had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.61 billion. Biogen had a return on equity of 42.04% and a net margin of 23.89%. The business's revenue was down 24.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $10.26 EPS. As a group, sell-side analysts anticipate that Biogen will post 18.6 earnings per share for the current year.
In related news, insider Alfred Sandrock sold 7,672 shares of the business's stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $440.00, for a total transaction of $3,375,680.00. Following the transaction, the insider now directly owns 2,919 shares of the company's stock, valued at approximately $1,284,360. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian S. Posner sold 360 shares of the business's stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $274.17, for a total value of $98,701.20. Following the transaction, the director now directly owns 7,400 shares in the company, valued at $2,028,858. The disclosure for this sale can be found here. Insiders own 0.54% of the company's stock.
A number of institutional investors have recently added to or reduced their stakes in BIIB. Ironwood Wealth Management LLC. acquired a new position in Biogen during the 4th quarter worth approximately $825,000. FIL Ltd raised its position in shares of Biogen by 7,143.6% in the 4th quarter. FIL Ltd now owns 79,680 shares of the biotechnology company's stock valued at $19,511,000 after purchasing an additional 78,580 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Biogen by 2.2% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 21,417 shares of the biotechnology company's stock valued at $5,244,000 after purchasing an additional 468 shares in the last quarter. ExodusPoint Capital Management LP raised its position in shares of Biogen by 178.4% in the 4th quarter. ExodusPoint Capital Management LP now owns 9,163 shares of the biotechnology company's stock valued at $2,244,000 after purchasing an additional 5,872 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Biogen by 23.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,687,298 shares of the biotechnology company's stock valued at $413,152,000 after purchasing an additional 316,017 shares in the last quarter. 83.25% of the stock is currently owned by hedge funds and other institutional investors.
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.
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