Biogen (NASDAQ:BIIB) Raised to “Outperform” at Cowen

Cowen upgraded shares of Biogen (NASDAQ:BIIB) from a market perform rating to an outperform rating in a research note released on Monday, The Fly reports. They currently have $450.00 target price on the biotechnology company’s stock, up from their prior target price of $225.00.

A number of other analysts have also issued reports on BIIB. Cantor Fitzgerald dropped their price objective on shares of Biogen from $278.00 to $268.00 and set a neutral rating on the stock in a research note on Wednesday, February 17th. Bank of America upgraded shares of Biogen from an underperform rating to a neutral rating and lifted their price objective for the company from $235.00 to $400.00 in a research note on Monday. HC Wainwright reiterated a buy rating on shares of Biogen in a research note on Friday, April 23rd. Morgan Stanley dropped their price target on shares of Biogen from $351.00 to $343.00 and set an overweight rating for the company in a research note on Monday, April 19th. Finally, Oppenheimer lifted their price target on shares of Biogen from $300.00 to $325.00 and gave the stock an outperform rating in a research note on Tuesday, May 18th. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $369.86.

Shares of BIIB stock opened at $414.71 on Monday. The firm has a market capitalization of $62.44 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 1.87 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 fifty-two week low of $223.25 and a fifty-two week high of $468.55. The firm’s 50 day simple moving average is $282.68.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, April 21st. The biotechnology company reported $5.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.06 by $0.28. The company had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.67 billion. Biogen had a net margin of 23.89% and a return on equity of 42.04%. The business’s quarterly revenue was down 23.8% on a year-over-year basis. During the same quarter last year, the firm posted $9.14 earnings per share. On average, research analysts anticipate that Biogen will post 18.43 earnings per share for the current fiscal year.

In other news, Director Brian S. Posner sold 360 shares of the business’s stock in a transaction on Friday, June 4th. The shares were sold at an average price of $274.17, for a total transaction of $98,701.20. Following the completion of the transaction, the director now owns 7,400 shares of the company’s stock, valued at $2,028,858. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Alfred Sandrock sold 7,672 shares of the business’s stock in a transaction on Monday, June 7th. The shares were 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 disclosure for this sale can be found here. Insiders own 0.62% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in BIIB. Ironwood Wealth Management LLC. acquired a new position in shares of Biogen during the fourth quarter valued at $825,000. Parallel Advisors LLC lifted its holdings in Biogen by 8.0% in the fourth quarter. Parallel Advisors LLC now owns 1,991 shares of the biotechnology company’s stock worth $488,000 after purchasing an additional 148 shares during the period. California Public Employees Retirement System lifted its holdings in Biogen by 2.2% in the fourth quarter. California Public Employees Retirement System now owns 387,722 shares of the biotechnology company’s stock worth $94,938,000 after purchasing an additional 8,375 shares during the period. Glenview Trust Co lifted its holdings in Biogen by 64.1% in the fourth quarter. Glenview Trust Co now owns 5,705 shares of the biotechnology company’s stock worth $1,397,000 after purchasing an additional 2,228 shares during the period. Finally, Grimes & Company Inc. lifted its holdings in Biogen by 8.4% in the fourth quarter. Grimes & Company Inc. now owns 38,710 shares of the biotechnology company’s stock worth $9,479,000 after purchasing an additional 3,010 shares during the period. 85.10% of the stock is owned by institutional investors.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. 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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