Biogen (NASDAQ:BIIB) had its price target increased by Wells Fargo & Co from $286.00 to $311.00 in a report issued on Thursday, The Fly reports. Wells Fargo & Co currently has an equal weight rating on the biotechnology company’s stock.
Several other analysts also recently commented on the stock. Sanford C. Bernstein raised shares of Biogen from a market perform rating to an outperform rating in a research report on Tuesday, October 29th. Robert W. Baird increased their price objective on shares of Biogen from $250.00 to $290.00 and gave the company an underperform rating in a research report on Wednesday. JPMorgan Chase & Co. reissued a hold rating on shares of Biogen in a research report on Thursday. HC Wainwright reissued a buy rating and set a $335.00 price objective on shares of Biogen in a research report on Thursday. Finally, SunTrust Banks increased their price objective on shares of Biogen from $337.00 to $360.00 and gave the company a buy rating in a research report on Monday, February 3rd. Five equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $316.69.
Shares of Biogen stock opened at $338.70 on Thursday. Biogen has a 1 year low of $215.77 and a 1 year high of $374.99. The company has a 50-day moving average of $292.64 and a 200 day moving average of $264.40. The firm has a market cap of $60.85 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 1.20 and a beta of 1.21. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.72 and a quick ratio of 1.56.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, January 30th. The biotechnology company reported $8.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $8.02 by $0.32. Biogen had a net margin of 40.96% and a return on equity of 46.51%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same period in the prior year, the firm posted $6.99 EPS. Biogen’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities analysts anticipate that Biogen will post 32.5 EPS for the current year.
Biogen announced that its board has approved a share repurchase program on Saturday, December 21st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the biotechnology company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
In other Biogen news, Director Brian S. Posner sold 1,055 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $292.35, for a total transaction of $308,429.25. Following the sale, the director now owns 6,995 shares in the company, valued at approximately $2,044,988.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.39% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Assenagon Asset Management S.A. raised its stake in Biogen by 1,345.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 674,932 shares of the biotechnology company’s stock worth $157,138,000 after acquiring an additional 628,233 shares during the period. Banco Santander S.A. raised its stake in Biogen by 10,997.3% during the 3rd quarter. Banco Santander S.A. now owns 342,795 shares of the biotechnology company’s stock worth $79,809,000 after acquiring an additional 339,706 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Biogen by 272.1% during the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 400,581 shares of the biotechnology company’s stock valued at $118,864,000 after buying an additional 292,927 shares during the last quarter. Man Group plc raised its position in shares of Biogen by 47.0% during the third quarter. Man Group plc now owns 694,842 shares of the biotechnology company’s stock valued at $161,773,000 after buying an additional 222,250 shares during the last quarter. Finally, Nomura Holdings Inc. raised its position in shares of Biogen by 276.3% during the third quarter. Nomura Holdings Inc. now owns 215,987 shares of the biotechnology company’s stock valued at $49,532,000 after buying an additional 158,593 shares during the last quarter. Institutional investors own 86.95% of the company’s stock.
Biogen Company Profile
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.
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