Credit Suisse Group upgraded shares of Biogen (NASDAQ:BIIB) from a neutral rating to an outperform rating in a research report report published on Wednesday, December 20th, Marketbeat.com reports. Credit Suisse Group currently has $385.00 target price on the biotechnology company’s stock, up from their previous target price of $321.00.
Several other research analysts also recently commented on BIIB. Vetr downgraded Biogen from a strong-buy rating to a buy rating and set a $319.53 target price on the stock. in a report on Tuesday, August 29th. Cantor Fitzgerald reaffirmed a hold rating and set a $279.00 target price on shares of Biogen in a report on Tuesday, October 24th. Royal Bank of Canada reaffirmed a hold rating and set a $315.00 target price on shares of Biogen in a report on Thursday, October 5th. Oppenheimer set a $350.00 target price on Biogen and gave the stock a buy rating in a report on Tuesday, November 28th. Finally, Canaccord Genuity initiated coverage on Biogen in a report on Friday, October 27th. They set a hold rating and a $340.00 target price on the stock. Ten investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $350.13.
Biogen (NASDAQ BIIB) traded up $2.88 during midday trading on Wednesday, hitting $335.95. The company had a trading volume of 885,500 shares, compared to its average volume of 1,110,000. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.19. Biogen has a 12 month low of $244.28 and a 12 month high of $348.84. The firm has a market cap of $71,050.00, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 1.92 and a beta of 0.73.
Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.70 by $0.61. Biogen had a return on equity of 38.51% and a net margin of 29.44%. The company had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the business posted $5.19 EPS. Biogen’s revenue for the quarter was up 4.1% on a year-over-year basis. equities research analysts anticipate that Biogen will post 22 EPS for the current year.
In related news, Director Alexander J. Denner purchased 30,000 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was acquired at an average price of $317.36 per share, for a total transaction of $9,520,800.00. Following the purchase, the director now owns 10,029 shares of the company’s stock, valued at $3,182,803.44. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert W. Pangia sold 5,832 shares of Biogen stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $329.65, for a total value of $1,922,518.80. Following the transaction, the director now owns 23,539 shares of the company’s stock, valued at approximately $7,759,631.35. The disclosure for this sale can be found here. Insiders purchased a total of 31,560 shares of company stock valued at $10,020,858 over the last ninety days. 0.25% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in shares of Biogen by 2.3% in the 2nd quarter. BlackRock Inc. now owns 18,107,358 shares of the biotechnology company’s stock worth $4,913,612,000 after buying an additional 415,099 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Biogen by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 14,534,827 shares of the biotechnology company’s stock worth $3,944,171,000 after buying an additional 182,337 shares during the last quarter. State Street Corp boosted its stake in shares of Biogen by 1.5% in the 2nd quarter. State Street Corp now owns 9,721,312 shares of the biotechnology company’s stock worth $2,637,973,000 after buying an additional 140,929 shares during the last quarter. FMR LLC boosted its stake in shares of Biogen by 10.1% in the 2nd quarter. FMR LLC now owns 6,104,026 shares of the biotechnology company’s stock worth $1,656,390,000 after buying an additional 561,436 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Biogen by 8.0% in the 2nd quarter. Northern Trust Corp now owns 3,017,136 shares of the biotechnology company’s stock worth $818,731,000 after buying an additional 223,371 shares during the last quarter. Institutional investors and hedge funds own 88.11% of the company’s stock.
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Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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