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 released on Monday morning, PriceTargets.com reports. The brokerage currently has $400.00 price objective on the biotechnology company’s stock, up from their previous price objective of $235.00.

Other equities research analysts also recently issued reports about the stock. Oppenheimer upped their price target on shares of Biogen from $300.00 to $325.00 and gave the company an outperform rating in a report on Tuesday, May 18th. Cantor Fitzgerald cut their price target 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. Wedbush upped their price target 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 reissued a buy rating on shares of Biogen in a report on Friday, April 23rd. Finally, Morgan Stanley cut their price target 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. Sixteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $369.86.

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

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, April 21st. The biotechnology company reported $5.34 earnings per share for the quarter, topping the 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 company’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.14 earnings per share. On average, sell-side analysts expect that Biogen will post 18.43 EPS for the current fiscal year.

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

Several hedge funds and other institutional investors have recently made changes to their positions in BIIB. Factorial Partners LLC grew its stake in shares of Biogen by 23,953.3% in the 1st 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. Norges Bank bought a new stake in Biogen during the fourth quarter worth approximately $466,128,000. Primecap Management Co. CA boosted 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 worth $4,688,122,000 after purchasing an additional 936,190 shares during the period. Clearbridge Investments LLC boosted 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 worth $1,110,340,000 after purchasing an additional 370,371 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in Biogen by 23.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,298 shares of the biotechnology company’s stock worth $413,152,000 after purchasing an additional 316,017 shares during the period. 85.10% of the stock is owned by institutional investors and hedge funds.

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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