Biogen's (BIIB) Buy Rating Reiterated at Needham & Company LLC

Biogen (NASDAQ:BIIB - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $294.00 target price on the biotechnology company's stock. Needham & Company LLC's price target indicates a potential upside of 45.55% from the company's current price.

Several other research analysts also recently weighed in on the company. Wedbush dropped their target price on Biogen from $245.00 to $213.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 17th. Bank of America dropped their target price on Biogen from $280.00 to $260.00 and set a "neutral" rating on the stock in a research note on Friday, April 12th. Piper Sandler dropped their target price on Biogen from $350.00 to $325.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 14th. JPMorgan Chase & Co. dropped their target price on Biogen from $270.00 to $240.00 and set a "neutral" rating on the stock in a research note on Thursday, April 11th. Finally, HC Wainwright restated a "buy" rating and set a $325.00 target price on shares of Biogen in a research note on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $295.35.

Biogen Trading Up 4.6 %

BIIB traded up $8.81 during trading on Wednesday, hitting $201.99. 3,264,689 shares of the stock were exchanged, compared to its average volume of 1,191,884. The firm has a 50 day simple moving average of $213.55 and a 200 day simple moving average of $234.62. The firm has a market cap of $29.36 billion, a price-to-earnings ratio of 25.64, a P/E/G ratio of 1.85 and a beta of -0.02. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $2.47 billion. During the same quarter in the prior year, the business posted $4.05 earnings per share. As a group, equities analysts expect that Biogen will post 15.48 EPS for the current year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 262 shares of the company's stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares of the company's stock, valued at approximately $1,080,929.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Eric K. Rowinsky acquired 455 shares of the business's stock in a transaction on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Priya Singhal sold 262 shares of the business's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now owns 4,886 shares of the company's stock, valued at $1,080,929.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Biogen

Large investors have recently bought and sold shares of the company. Livelsberger Financial Advisory purchased a new stake in Biogen during the 4th quarter worth approximately $26,000. OFI Invest Asset Management purchased a new stake in Biogen during the 3rd quarter worth approximately $26,000. Gladius Capital Management LP purchased a new stake in Biogen during the 3rd quarter worth approximately $28,000. Hexagon Capital Partners LLC grew its position in shares of Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 51 shares in the last quarter. Finally, KB Financial Partners LLC grew its position in shares of Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 62 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

About Biogen

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.