Biogen (NASDAQ:BIIB) Sets New 12-Month High - Here's What Happened

Key Points

• Biogen reached a new 52-week high, trading as high as $259.32 on Monday, after its previous close of $248.35.
• Analyst views were mostly positive: MarketBeat reported a “Moderate Buy” consensus and a $254.41 average price target, while recent target increases included Wells Fargo’s $310 and Piper Sandler’s $305.
• In its latest quarter, Biogen reported earnings of $2.62 per share and revenue of $2.80 billion, beating analyst estimates; revenue rose 10.6% year over year.

Biogen Inc. (NASDAQ:BIIB - Get Free Report)'s stock price hit a new 52-week high during trading on Monday. The stock traded as high as $259.32 and last traded at $260.5450, with a volume of 432,346 shares trading hands. The stock had previously closed at $248.35.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BIIB shares. Wedbush upped their target price on shares of Biogen from $212.00 to $225.00 and gave the stock a "neutral" rating in a report on Thursday, October 29th. HC Wainwright raised their price target on shares of Biogen from $251.00 to $270.00 and gave the company a "buy" rating in a report on Monday, November 2nd. Piper Sandler restated an "overweight" rating and set a $305.00 price target (up from $245.00) on shares of Biogen in a research report on Monday. Wells Fargo & Company upped their price target on shares of Biogen from $250.00 to $310.00 and gave the stock an "overweight" rating in a report on Tuesday, October 20th. Finally, HSBC increased their price objective on Biogen from $165.00 to $175.00 and gave the stock a "reduce" rating in a research report on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $254.41.

Biogen Price Performance

The company has a market capitalization of $38.25 billion, a PE ratio of 110.62, a price-to-earnings-growth ratio of 2.82 and a beta of 0.10. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The firm's 50-day moving average is $230.01 and its 200-day moving average is $203.04.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.99 by $0.63. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $4.81 earnings per share. Equities analysts predict that Biogen Inc. will post 12.45 earnings per share for the current fiscal year.

Institutional Trading of Biogen

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Biogen during the second quarter worth about $3,453,878,000. Primecap Management Co. CA bought a new stake in Biogen during the 2nd quarter valued at approximately $3,274,304,000. Russell Investments Group Ltd. lifted its holdings in Biogen by 1,524.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,175,055 shares of the biotechnology company's stock worth $491,301,000 after purchasing an additional 2,041,161 shares in the last quarter. Legal & General Group Plc purchased a new position in Biogen in the 2nd quarter worth approximately $322,640,000. Finally, Danske Bank A S lifted its holdings in Biogen by 1,955.2% in the 3rd quarter. Danske Bank A S now owns 1,363,909 shares of the biotechnology company's stock worth $308,080,000 after purchasing an additional 1,297,544 shares in the last quarter. Institutional investors own 87.93% of the company's stock.

About Biogen

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer's disease, spinal muscular atrophy and Friedreich's ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich's ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer's disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.

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