JPMorgan Chase & Co. restated their overweight rating on shares of Biogen Inc. (NASDAQ:BIIB) in a research report released on Friday. They currently have a $386.00 price target on the biotechnology company’s stock.
Several other analysts have also recently issued reports on the stock. Jefferies Group reiterated a buy rating and issued a $319.00 target price on shares of Biogen in a research note on Thursday, August 4th. Robert W. Baird reiterated a neutral rating and issued a $284.00 target price on shares of Biogen in a research note on Wednesday, August 10th. Vetr upgraded shares of Biogen from a buy rating to a strong-buy rating and set a $346.47 target price on the stock in a research note on Monday, September 12th. Piper Jaffray Cos. set a $333.00 target price on shares of Biogen and gave the stock a hold rating in a research note on Thursday, September 22nd. Finally, Standpoint Research cut shares of Biogen from a buy rating to a hold rating in a research note on Tuesday, August 2nd. Ten investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Biogen currently has a consensus rating of Buy and an average target price of $347.34.
Shares of Biogen (NASDAQ:BIIB) traded up 0.45% during mid-day trading on Friday, hitting $306.96. 233,354 shares of the company traded hands. The firm’s 50 day moving average price is $308.50 and its 200-day moving average price is $279.69. The stock has a market capitalization of $67.26 billion, a PE ratio of 17.93 and a beta of 0.95. Biogen has a 1-year low of $223.02 and a 1-year high of $333.65.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, beating the Zacks’ consensus estimate of $4.69 by $0.52. The company had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Biogen had a net margin of 33.97% and a return on equity of 40.59%. Biogen’s revenue was up 11.7% compared to the same quarter last year. During the same period in the prior year, the company posted $4.22 EPS. On average, equities research analysts forecast that Biogen will post $20.08 EPS for the current year.
In related news, EVP Adriana Karaboutis sold 262 shares of Biogen stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total transaction of $81,728.28. Following the completion of the transaction, the executive vice president now directly owns 7,579 shares of the company’s stock, valued at approximately $2,364,193.26. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO George A. Scangos sold 157 shares of Biogen stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $280.00, for a total transaction of $43,960.00. Following the transaction, the chief executive officer now directly owns 54,779 shares of the company’s stock, valued at $15,338,120. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kings Point Capital Management acquired a new position in shares of Biogen during the second quarter worth about $145,000. North Star Asset Management Inc. purchased a new position in shares of Biogen during the third quarter valued at about $207,000. Catawba Capital Management VA purchased a new position in shares of Biogen during the third quarter valued at about $216,000. Signaturefd LLC boosted its position in shares of Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares during the period. Finally, HighPoint Advisor Group LLC purchased a new position in shares of Biogen during the second quarter valued at about $252,000. 86.21% of the stock is owned by institutional investors.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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