Biogen (NASDAQ:BIIB) Upgraded by Bank of America to Neutral

Bank of America upgraded shares of Biogen (NASDAQ:BIIB) from an underperform rating to a neutral rating in a report issued on Monday morning, Price Targets.com reports. Bank of America currently has $400.00 price objective on the biotechnology company’s stock, up from their previous price objective of $235.00.

Several other research firms also recently weighed in on BIIB. Wedbush raised their target price on shares of Biogen from $236.00 to $245.00 and gave the company a neutral rating in a report on Monday, April 12th. HC Wainwright restated a buy rating on shares of Biogen in a report on Friday, April 23rd. Cantor Fitzgerald dropped their target price on shares of Biogen from $278.00 to $268.00 and set a neutral rating for the company in a report on Wednesday, February 17th. Morgan Stanley dropped their target price on shares of Biogen from $351.00 to $343.00 and set an overweight rating for the company in a report on Monday, April 19th. Finally, Oppenheimer raised their target price on shares of Biogen from $300.00 to $325.00 and gave the company an outperform rating in a report on Tuesday, May 18th. Sixteen research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $369.86.

Shares of BIIB opened at $414.71 on Monday. The company has a 50-day moving average of $282.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.12 and a quick ratio of 1.75. The stock has a market cap of $62.44 billion, a P/E ratio of 21.76, a PEG ratio of 1.87 and a beta of 0.44. Biogen has a 52-week low of $223.25 and a 52-week high of $468.55.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.06 by $0.28. The business had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.67 billion. Biogen had a net margin of 23.89% and a return on equity of 42.04%. The business’s revenue was down 23.8% compared to the same quarter last year. During the same quarter last year, the firm posted $9.14 EPS. As a group, equities analysts forecast that Biogen will post 18.43 EPS for the current fiscal year.

In other Biogen news, Director Brian S. Posner sold 360 shares of Biogen stock in a transaction that occurred on Friday, June 4th. The shares were sold at an average price of $274.17, for a total transaction of $98,701.20. Following the transaction, the director now directly owns 7,400 shares of the company’s stock, valued at $2,028,858. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Alfred Sandrock sold 7,672 shares of Biogen stock in a transaction that occurred on Monday, June 7th. The shares were sold at an average price of $440.00, for a total transaction of $3,375,680.00. Following the transaction, the insider now directly owns 2,919 shares in the company, valued at $1,284,360. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. Primecap Management Co. CA lifted its position in Biogen by 5.9% during the first quarter. Primecap Management Co. CA now owns 16,758,256 shares of the biotechnology company’s stock valued at $4,688,122,000 after buying an additional 936,190 shares in the last quarter. BlackRock Inc. lifted its position in Biogen by 0.6% during the first quarter. BlackRock Inc. now owns 13,502,628 shares of the biotechnology company’s stock valued at $3,777,361,000 after buying an additional 83,027 shares in the last quarter. Clearbridge Investments LLC lifted its position in Biogen by 10.3% during the first quarter. Clearbridge Investments LLC now owns 3,969,044 shares of the biotechnology company’s stock valued at $1,110,340,000 after buying an additional 370,371 shares in the last quarter. Geode Capital Management LLC lifted its position in Biogen by 1.3% during the first quarter. Geode Capital Management LLC now owns 2,796,511 shares of the biotechnology company’s stock valued at $780,818,000 after buying an additional 37,013 shares in the last quarter. Finally, Factorial Partners LLC lifted its position in Biogen by 23,953.3% during the first quarter. Factorial Partners LLC now owns 2,573,700 shares of the biotechnology company’s stock valued at $9,200,000 after buying an additional 2,563,000 shares in the last quarter. 85.10% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Company Profile

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

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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