Truist Financial Reaffirms “Buy” Rating for Biogen (NASDAQ:BIIB)

Truist Financial restated their buy rating on shares of Biogen (NASDAQ:BIIB) in a research note released on Monday, Benzinga reports. They currently have a $340.00 price target on the biotechnology company’s stock.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC reduced their price objective on Biogen from $305.00 to $300.00 and set a buy rating for the company in a report on Tuesday, February 13th. Oppenheimer lowered their price target on Biogen from $295.00 to $290.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Mizuho decreased their price objective on Biogen from $355.00 to $277.00 and set a buy rating on the stock in a report on Thursday, February 22nd. Cantor Fitzgerald reissued an overweight rating and set a $311.00 target price on shares of Biogen in a research report on Tuesday, February 20th. Finally, Canaccord Genuity Group cut their target price on Biogen from $310.00 to $305.00 and set a buy rating on the stock in a research report on Tuesday, February 20th. Nine research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $305.68.

Biogen Trading Up 2.0 %

Shares of Biogen stock opened at $216.34 on Monday. Biogen has a 12-month low of $211.01 and a 12-month high of $319.76. The company has a market cap of $31.45 billion, a price-to-earnings ratio of 27.11, a PEG ratio of 1.81 and a beta of -0.03. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $230.29 and its 200-day moving average price is $242.26.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 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 business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the previous year, the business earned $4.05 earnings per share. On average, equities analysts expect that Biogen will post 15.48 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Biogen news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 789 shares of company stock valued at $182,213. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. B. Metzler seel. Sohn & Co. AG grew its holdings in shares of Biogen by 0.6% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 6,688 shares of the biotechnology company’s stock valued at $1,905,000 after buying an additional 38 shares during the last quarter. Snowden Capital Advisors LLC raised its position in Biogen by 2.5% in the second quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company’s stock worth $453,000 after acquiring an additional 39 shares during the period. First Manhattan Co. raised its position in Biogen by 33.3% in the fourth quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock worth $44,000 after acquiring an additional 40 shares during the period. Systematic Financial Management LP raised its position in shares of Biogen by 2.5% in the first quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company’s stock valued at $456,000 after purchasing an additional 40 shares during the period. Finally, Stratos Wealth Partners LTD. increased its holdings in Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after acquiring an additional 42 shares during the period. Institutional investors own 87.93% of the company’s stock.

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.