Mizuho reiterated their buy rating on shares of Biogen (NASDAQ:BIIB) in a research note released on Thursday. Mizuho currently has a $400.00 price objective on the biotechnology company’s stock.
“We also note full year 2017 consensus is already above the company’s guidance on both top and bottom lines (guidance last updated in 2Q17) 1. Spinraza. We believe investors will continue to be focused on the performance of the Spinraza launch and information from management on uptake trends. At the recent JPM conference, BIIB commented that for Spinraza they see a benefit from the new launch period in large territories and then a moderate rate of growth, noting that they see reasonable growth in the US in the coming quarters and that a lot of the growth will come outside the US as new countries receive approvals. This was similar to commentary from management in the 3Q17 call. Consensus has 4Q over 3Q growth of 11% and 51% in the US and Ex-US for Spinraza.”,” Mizuho’s analyst commented.
Several other brokerages also recently issued reports on BIIB. Bank of America increased their price objective on Biogen from $358.00 to $365.00 and gave the stock a buy rating in a research note on Wednesday, October 18th. Canaccord Genuity set a $340.00 price objective on Biogen and gave the stock a hold rating in a research note on Friday, January 5th. BidaskClub raised Biogen from a hold rating to a buy rating in a research note on Friday, January 5th. Piper Jaffray Companies reissued an overweight rating and issued a $390.00 price objective on shares of Biogen in a research note on Monday, October 23rd. Finally, Citigroup downgraded Biogen from a buy rating to a neutral rating in a research note on Monday, October 23rd. Nine investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Biogen presently has a consensus rating of Buy and an average target price of $354.96.
Biogen (NASDAQ BIIB) traded down $2.03 during trading hours on Thursday, hitting $342.41. The company had a trading volume of 1,232,200 shares, compared to its average volume of 1,218,754. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.19 and a quick ratio of 1.90. Biogen has a fifty-two week low of $244.28 and a fifty-two week high of $348.84. The firm has a market cap of $72,870.00, a price-to-earnings ratio of 20.99, a price-to-earnings-growth ratio of 1.94 and a beta of 0.73.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.70 by $0.61. The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.05 billion. Biogen had a return on equity of 38.51% and a net margin of 29.44%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the business earned $5.19 EPS. analysts anticipate that Biogen will post 22 EPS for the current year.
In other Biogen news, CEO Michel Vounatsos bought 780 shares of the stock in a transaction on Friday, December 29th. The shares were purchased at an average price of $320.55 per share, with a total value of $250,029.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alexander J. Denner bought 30,000 shares of the stock in a transaction on Wednesday, November 29th. The stock was acquired at an average cost of $317.36 per share, for a total transaction of $9,520,800.00. Following the acquisition, the director now directly owns 10,029 shares in the company, valued at $3,182,803.44. The disclosure for this purchase can be found here. Insiders purchased a total of 31,560 shares of company stock worth $10,020,858 over the last three months. 0.25% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Biogen by 2.3% in the 2nd quarter. BlackRock Inc. now owns 18,107,358 shares of the biotechnology company’s stock valued at $4,913,612,000 after buying an additional 415,099 shares during the last quarter. Vanguard Group Inc. grew its holdings in Biogen by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 14,534,827 shares of the biotechnology company’s stock valued at $3,944,171,000 after buying an additional 182,337 shares during the last quarter. State Street Corp grew its holdings in Biogen by 1.5% in the 2nd quarter. State Street Corp now owns 9,721,312 shares of the biotechnology company’s stock valued at $2,637,973,000 after buying an additional 140,929 shares during the last quarter. FMR LLC grew its holdings in shares of Biogen by 10.1% during the 2nd quarter. FMR LLC now owns 6,104,026 shares of the biotechnology company’s stock worth $1,656,390,000 after purchasing an additional 561,436 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Biogen by 8.0% during the 2nd quarter. Northern Trust Corp now owns 3,017,136 shares of the biotechnology company’s stock worth $818,731,000 after purchasing an additional 223,371 shares in the last quarter. 88.18% of the stock is currently owned by hedge funds and other institutional investors.
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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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