Raymond James Upgrades Biogen (NASDAQ:BIIB) to “Market Perform”

Raymond James upgraded shares of Biogen (NASDAQ:BIIB) from an underperform rating to a market perform rating in a report released on Monday morning, The Fly reports.

BIIB has been the subject of a number of other reports. Bank of America upgraded Biogen from an underperform rating to a neutral rating and raised their target price for the company from $235.00 to $400.00 in a research note on Monday. Wedbush raised their price target on Biogen from $236.00 to $245.00 and gave the company a neutral rating in a report on Monday, April 12th. Cowen upgraded Biogen from a market perform rating to an outperform rating and raised their price target for the company from $225.00 to $450.00 in a report on Monday. Morgan Stanley decreased their price target on Biogen from $351.00 to $343.00 and set an overweight rating on the stock in a report on Monday, April 19th. Finally, Oppenheimer raised their price target on 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 given a buy rating to the company. Biogen has an average rating of Hold and a consensus price target of $369.86.

Shares of NASDAQ:BIIB opened at $414.71 on Monday. Biogen has a twelve month low of $223.25 and a twelve month high of $468.55. The firm has a market capitalization of $62.44 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 1.87 and a beta of 0.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.75 and a current ratio of 2.12. The firm has a fifty day simple moving average of $282.68.

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

In related news, Director Brian S. Posner sold 360 shares of Biogen stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $274.17, for a total value of $98,701.20. Following the sale, the director now owns 7,400 shares of the company’s stock, valued at approximately $2,028,858. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 value of $3,375,680.00. Following the completion of the sale, the insider now directly owns 2,919 shares in the company, valued at approximately $1,284,360. The disclosure for this sale can be found here. Company insiders own 0.62% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Prime Capital Investment Advisors LLC acquired a new stake in Biogen in the 1st quarter valued at approximately $26,000. Coastal Capital Group Inc. acquired a new position in shares of Biogen during the 1st quarter worth approximately $28,000. Annapolis Financial Services LLC acquired a new position in shares of Biogen during the 4th quarter worth approximately $25,000. Signet Investment Advisory Group Inc. acquired a new position in shares of Biogen during the 4th quarter worth approximately $26,000. Finally, CVA Family Office LLC acquired a new position in shares of Biogen during the 1st quarter worth approximately $31,000. 85.10% of the stock is currently owned by institutional investors and hedge funds.

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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