Wolfe Research Begins Coverage on Biogen (NASDAQ:BIIB)

Wolfe Research assumed coverage on shares of Biogen (NASDAQ:BIIB) in a research note issued to investors on Friday morning, Marketbeat Ratings reports. The brokerage issued a peer perform rating on the biotechnology company’s stock.

Other analysts have also issued research reports about the company. Truist Financial reissued a “buy” rating and set a $302.00 price objective (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Royal Bank of Canada decreased their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Citigroup initiated coverage on Biogen in a research report on Thursday. They set a “neutral” rating and a $190.00 target price for the company. Barclays cut their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Needham & Company LLC restated a “buy” rating and set a $270.00 target price on shares of Biogen in a research report on Wednesday, October 30th. Twelve investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $258.96.

Biogen Stock Performance

Shares of NASDAQ:BIIB traded down $4.90 during trading on Friday, hitting $159.99. 1,917,074 shares of the stock were exchanged, compared to its average volume of 1,169,550. Biogen has a 1-year low of $159.60 and a 1-year high of $268.30. The company has a market capitalization of $23.31 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. The company’s fifty day simple moving average is $185.99 and its 200-day simple moving average is $207.38. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the firm earned $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. Sell-side analysts expect that Biogen will post 16.4 EPS for the current fiscal year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently made changes to their positions in the company. Plato Investment Management Ltd raised its position in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Biogen during the second quarter worth $33,000. Versant Capital Management Inc grew its stake in shares of Biogen by 123.2% during the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of Biogen during the first quarter worth $36,000. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Biogen during the third quarter worth $33,000. 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.