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

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports. They currently have a $294.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 52.19% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Barclays dropped their target price on Biogen from $230.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 4th. Truist Financial reissued a “buy” rating and issued a $340.00 target price on shares of Biogen in a research note on Monday, March 25th. Canaccord Genuity Group reduced their price target on shares of Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. William Blair reissued an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. Finally, BTIG Research reissued a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and an average target price of $295.35.

Biogen Stock Performance

Shares of BIIB stock opened at $193.18 on Wednesday. The firm has a market capitalization of $28.08 billion, a price-to-earnings ratio of 24.21, a price-to-earnings-growth ratio of 1.85 and a beta of -0.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The business has a fifty day moving average of $213.55 and a 200 day moving average of $234.62. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same quarter in the previous year, the business posted $4.05 EPS. As a group, research analysts expect that Biogen will post 15.48 earnings per share for the current year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Biogen

Institutional investors have recently modified their holdings of the business. Livelsberger Financial Advisory purchased a new stake in shares of Biogen in the fourth quarter valued at approximately $26,000. OFI Invest Asset Management acquired a new position in Biogen during the third quarter worth $26,000. Gladius Capital Management LP acquired a new position in Biogen during the third quarter worth $28,000. Hexagon Capital Partners LLC raised its holdings in Biogen by 76.1% during the fourth 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 raised its holdings in Biogen by 105.1% during the third 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. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

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.