Biogen (NASDAQ:BIIB) Trading 4.5% Higher Following Analyst Upgrade

Biogen Inc. (NASDAQ:BIIB)’s share price traded up 4.5% during trading on Thursday after UBS Group upgraded the stock from a neutral rating to a buy rating. UBS Group now has a $463.00 price target on the stock. Biogen traded as high as $426.45 and last traded at $425.06. 65,262 shares were traded during trading, a decline of 96% from the average session volume of 1,497,728 shares. The stock had previously closed at $406.94.

A number of other brokerages also recently commented on BIIB. Cowen upgraded Biogen from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $225.00 to $450.00 in a research report on Monday. Jefferies Financial Group lifted their price objective on Biogen from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Tuesday. Cantor Fitzgerald reduced their price objective on Biogen from $278.00 to $268.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 17th. Morgan Stanley lifted their price objective on Biogen from $343.00 to $455.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Wedbush lifted their target price on Biogen from $236.00 to $245.00 and gave the company a “neutral” rating in a research report on Monday, April 12th. Sixteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $369.86.

In related news, Director Brian S. Posner sold 360 shares of the business’s stock in a transaction on Friday, June 4th. The stock was 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 directly owns 7,400 shares of the company’s stock, valued at approximately $2,028,858. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alfred Sandrock sold 7,672 shares of the business’s stock in a transaction on Monday, June 7th. The stock was sold at an average price of $440.00, for a total value of $3,375,680.00. Following the transaction, the insider now directly owns 2,919 shares of the company’s stock, valued at $1,284,360. The disclosure for this sale can be found here. Insiders own 0.62% of the company’s stock.

A number of institutional investors and hedge funds 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 $825,000. CIBC Asset Management Inc lifted its holdings in Biogen by 5.5% during the 4th quarter. CIBC Asset Management Inc now owns 32,196 shares of the biotechnology company’s stock worth $7,884,000 after buying an additional 1,665 shares during the last quarter. Winslow Evans & Crocker Inc. lifted its holdings in Biogen by 4.4% during the 4th quarter. Winslow Evans & Crocker Inc. now owns 1,622 shares of the biotechnology company’s stock worth $397,000 after buying an additional 69 shares during the last quarter. Baker Tilly Financial LLC purchased a new stake in Biogen during the 4th quarter worth about $435,000. Finally, State of Wisconsin Investment Board lifted its holdings in Biogen by 57.8% during the 4th quarter. State of Wisconsin Investment Board now owns 187,435 shares of the biotechnology company’s stock worth $45,895,000 after buying an additional 68,634 shares during the last quarter. 85.10% of the stock is owned by hedge funds and other institutional investors.

The firm has a market capitalization of $62.44 billion, a P/E ratio of 21.76, a PEG ratio of 1.87 and a beta of 0.44. The company has a quick ratio of 1.75, a current ratio of 2.12 and a debt-to-equity ratio of 0.68. The stock has a fifty day moving average price of $282.68.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.06 by $0.28. The company had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.67 billion. Biogen had a return on equity of 42.04% and a net margin of 23.89%. Biogen’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same period in the previous year, the business earned $9.14 EPS. Research analysts anticipate that Biogen Inc. will post 18.43 EPS for the current fiscal year.

About Biogen (NASDAQ:BIIB)

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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