Biogen (NASDAQ:BIIB) Upgraded to Outperform at Sanford C. Bernstein

Biogen (NASDAQ:BIIB) was upgraded by equities researchers at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a research report issued on Friday, Briefing.com reports. The firm presently has a $500.00 price objective on the biotechnology company’s stock. Sanford C. Bernstein’s target price indicates a potential upside of 20.57% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Cantor Fitzgerald lowered their price target on shares of Biogen from $278.00 to $268.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 17th. Oppenheimer boosted 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. Atlantic Securities upgraded shares of Biogen from an “underweight” rating to a “neutral” rating and set a $415.00 price target for the company in a report on Tuesday. Cowen raised shares of Biogen from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $225.00 to $450.00 in a research report on Monday. Finally, Raymond James raised shares of Biogen from an “underperform” rating to a “market perform” rating in a research report on Monday. Sixteen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $374.34.

NASDAQ:BIIB opened at $414.71 on Friday. The stock 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. Biogen has a twelve month low of $223.25 and a twelve month high of $468.55. The stock has a 50-day simple moving average of $282.68. The company has a current ratio of 2.12, a quick ratio of 1.75 and a debt-to-equity ratio of 0.68.

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

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

Several hedge funds have recently modified their holdings of BIIB. Ironwood Wealth Management LLC. acquired a new position in shares of Biogen during the fourth quarter worth $825,000. CIBC Asset Management Inc grew its stake in shares of Biogen by 5.5% during the fourth quarter. CIBC Asset Management Inc now owns 32,196 shares of the biotechnology company’s stock worth $7,884,000 after purchasing an additional 1,665 shares in the last quarter. State of Wisconsin Investment Board grew its stake in shares of Biogen by 57.8% during the fourth quarter. State of Wisconsin Investment Board now owns 187,435 shares of the biotechnology company’s stock worth $45,895,000 after purchasing an additional 68,634 shares in the last quarter. Maryland State Retirement & Pension System acquired a new position in shares of Biogen during the fourth quarter worth $718,000. Finally, Boston Partners grew its stake in shares of Biogen by 0.3% during the fourth quarter. Boston Partners now owns 292,815 shares of the biotechnology company’s stock worth $71,699,000 after purchasing an additional 950 shares in the last quarter. Hedge funds and other institutional investors own 85.10% of the company’s stock.

About Biogen

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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