Biogen (BIIB) Upgraded to Buy by BidaskClub

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BidaskClub upgraded shares of Biogen (NASDAQ:BIIB) from a hold rating to a buy rating in a research note released on Friday morning.

A number of other equities research analysts have also recently issued reports on the stock. Oppenheimer set a $400.00 price target on shares of Biogen and gave the company a buy rating in a report on Sunday, September 16th. Cantor Fitzgerald restated an overweight rating and set a $400.00 price target on shares of Biogen in a report on Monday, October 1st. Citigroup upgraded shares of Biogen from a neutral rating to a buy rating and set a $371.00 price target for the company in a report on Friday, July 6th. Morgan Stanley decreased their price target on shares of Biogen from $369.00 to $366.00 and set an overweight rating for the company in a report on Friday, July 13th. Finally, Piper Jaffray Companies upped their price target on shares of Biogen to $365.00 and gave the company an overweight rating in a report on Wednesday, July 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $381.31.

BIIB stock traded up $3.67 during mid-day trading on Friday, reaching $330.94. 1,022,669 shares of the stock traded hands, compared to its average volume of 1,633,890. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.36 and a quick ratio of 2.06. Biogen has a 52 week low of $249.17 and a 52 week high of $388.67. The stock has a market capitalization of $71.17 billion, a price-to-earnings ratio of 15.17, a price-to-earnings-growth ratio of 1.36 and a beta of 0.86.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, July 24th. The biotechnology company reported $5.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.22 by $0.58. Biogen had a net margin of 23.06% and a return on equity of 38.17%. The company had revenue of $3.36 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same period in the prior year, the company earned $5.04 earnings per share. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. Equities analysts expect that Biogen will post 25.34 EPS for the current fiscal year.

In related news, EVP Michael D. Ehlers sold 1,000 shares of the stock in a transaction dated Wednesday, September 26th. The shares were sold at an average price of $350.00, for a total value of $350,000.00. Following the completion of the sale, the executive vice president now owns 4,281 shares in the company, valued at $1,498,350. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Northern Trust Corp raised its position in Biogen by 0.7% in the second quarter. Northern Trust Corp now owns 2,892,559 shares of the biotechnology company’s stock worth $839,536,000 after purchasing an additional 19,730 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Biogen by 3.2% during the second quarter. Bank of New York Mellon Corp now owns 2,362,136 shares of the biotechnology company’s stock worth $685,588,000 after buying an additional 72,668 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Biogen by 0.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,095,005 shares of the biotechnology company’s stock worth $608,054,000 after buying an additional 18,790 shares in the last quarter. Morgan Stanley increased its holdings in shares of Biogen by 61.1% during the second quarter. Morgan Stanley now owns 1,751,109 shares of the biotechnology company’s stock worth $508,240,000 after buying an additional 664,096 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Biogen by 1.9% during the second quarter. Janus Henderson Group PLC now owns 1,595,986 shares of the biotechnology company’s stock worth $463,220,000 after buying an additional 30,353 shares in the last quarter. 87.46% of the stock is owned by hedge funds and other institutional investors.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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