Needham & Company LLC Reiterates “Buy” Rating for Biogen (NASDAQ:BIIB)

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They presently have a $294.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 31.37% from the company’s previous close.

Several other research firms have also issued reports on BIIB. Truist Financial restated a “buy” rating and issued a $340.00 price objective on shares of Biogen in a research note on Thursday, May 16th. Wedbush upped their price objective on Biogen from $213.00 to $215.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Bank Of America (Bofa) lowered their target price on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $364.00 target price on shares of Biogen in a research note on Tuesday, March 5th. Finally, Wells Fargo & Company lowered Biogen from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $315.00 to $240.00 in a research note on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $288.46.

Biogen Stock Down 1.7 %

NASDAQ BIIB traded down $3.90 during trading hours on Wednesday, hitting $223.79. 107,156 shares of the company traded hands, compared to its average volume of 1,172,079. The business’s 50-day moving average is $212.97 and its 200-day moving average is $229.95. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The stock has a market capitalization of $32.58 billion, a price-to-earnings ratio of 27.94, a P/E/G ratio of 2.35 and a beta of -0.01.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.40 earnings per share. Sell-side analysts anticipate that Biogen will post 15.59 earnings per share for the current year.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the last quarter. Primecap Management Co. CA raised its position in shares of Biogen by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after acquiring an additional 251,915 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Biogen by 0.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after acquiring an additional 27,951 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Biogen by 22.2% in the 1st quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock worth $374,623,000 after acquiring an additional 316,144 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Biogen by 2.8% in the 3rd quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock worth $422,276,000 after acquiring an additional 45,437 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.