Biogen’s (BIIB) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Biogen (NASDAQ:BIIB) in a report released on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a $294.00 target price on the biotechnology company’s stock.

Several other equities analysts have also recently weighed in on the stock. Barclays cut their target price on shares of Biogen from $230.00 to $215.00 and set an equal weight rating for the company in a research note on Thursday, April 4th. Piper Sandler dropped their price objective on shares of Biogen from $350.00 to $325.00 and set an overweight rating for the company in a research note on Wednesday, February 14th. StockNews.com cut shares of Biogen from a buy rating to a hold rating in a research note on Tuesday, February 20th. Bank of America dropped their price objective on shares of Biogen from $280.00 to $260.00 and set a neutral rating for the company in a research note on Friday, April 12th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $364.00 price objective on shares of Biogen in a research note on Tuesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Biogen has a consensus rating of Moderate Buy and a consensus target price of $293.88.

Biogen Stock Up 3.2 %

Shares of BIIB stock opened at $208.90 on Wednesday. The company has a market capitalization of $30.42 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 2.06 and a beta of -0.02. The company’s fifty day moving average price is $212.55 and its 200-day moving average price is $233.57. Biogen has a one year low of $189.44 and a one year high of $319.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.45 by $0.22. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. Biogen’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period last year, the company posted $3.40 earnings per share. Sell-side analysts expect that Biogen will post 15.55 EPS for the current fiscal year.

Insider Activity

In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the sale, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the transaction, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last quarter, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings 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 Biogen by 76.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 51 shares during the last quarter. Finally, KB Financial Partners LLC grew its position in Biogen by 105.1% during the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 62 shares during the last quarter. Hedge funds and other 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.