Biogen (NASDAQ:BIIB) Sets New 1-Year High – Should You Buy?

Biogen Inc. (NASDAQ:BIIB)’s share price reached a new 52-week high during trading on Monday. The stock traded as high as $259.32 and last traded at $260.5450, with a volume of 432,346 shares trading hands. The stock had previously closed at $248.35.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Wolfe Research upgraded Biogen from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research note on Thursday, August 13th. Citigroup reiterated a “neutral” rating on shares of Biogen in a research report on Wednesday, October 28th. Wells Fargo & Company lifted their target price on Biogen from $250.00 to $310.00 and gave the stock an “overweight” rating in a report on Tuesday, October 20th. Wall Street Zen raised Biogen from a “hold” rating to a “strong-buy” rating in a report on Saturday, October 31st. Finally, HC Wainwright boosted their target price on shares of Biogen from $251.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $254.41.

Biogen Price Performance

The company has a fifty day simple moving average of $231.47 and a two-hundred day simple moving average of $203.85. The stock has a market capitalization of $37.46 billion, a price-to-earnings ratio of 108.83, a PEG ratio of 2.89 and a beta of 0.10. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period in the prior year, the firm posted $4.81 EPS. Biogen’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts expect that Biogen Inc. will post 12.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. bought a new position in shares of Biogen in the third quarter worth about $2,192,000. GW&K Investment Management LLC increased its position in Biogen by 898.3% during the 3rd quarter. GW&K Investment Management LLC now owns 2,286 shares of the biotechnology company’s stock valued at $516,000 after purchasing an additional 2,057 shares during the period. Private Wealth Asset Management LLC boosted its stake in shares of Biogen by 3,621.3% in the 3rd quarter. Private Wealth Asset Management LLC now owns 2,270 shares of the biotechnology company’s stock valued at $564,000 after purchasing an additional 2,209 shares during the last quarter. USS Investment Management Ltd grew its holdings in Biogen by 809.1% during the 3rd quarter. USS Investment Management Ltd now owns 395,613 shares of the biotechnology company’s stock worth $89,361,000 after acquiring an additional 352,096 shares during the period. Finally, Westpac Banking Corp grew its stake in Biogen by 579.3% during the third quarter. Westpac Banking Corp now owns 12,519 shares of the biotechnology company’s stock worth $2,828,000 after purchasing an additional 10,676 shares during the period. 87.93% of the stock is currently owned by institutional investors.

About Biogen

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.