Biogen (NASDAQ:BIIB) Reaches New 12-Month High Following Analyst Upgrade

Biogen Inc. (NASDAQ:BIIBGet Rating)’s share price reached a new 52-week high during trading on Monday after Oppenheimer raised their price target on the stock from $300.00 to $315.00. Oppenheimer currently has an outperform rating on the stock. Biogen traded as high as $309.00 and last traded at $301.80, with a volume of 3452 shares. The stock had previously closed at $289.45.

BIIB has been the subject of a number of other reports. Wells Fargo & Company boosted their price target on Biogen from $265.00 to $350.00 and gave the company an “overweight” rating in a report on Wednesday, September 28th. UBS Group boosted their price target on Biogen from $238.00 to $309.00 and gave the company a “buy” rating in a report on Thursday, October 6th. Morgan Stanley boosted their price target on Biogen from $321.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, October 26th. Jefferies Financial Group boosted their price target on Biogen from $300.00 to $325.00 and gave the company a “buy” rating in a report on Monday, October 24th. Finally, Atlantic Securities boosted their price target on Biogen from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Wednesday, October 26th. Eight equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $296.71.

Insiders Place Their Bets

In other Biogen news, EVP Susan H. Alexander sold 5,532 shares of the company’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $280.70, for a total value of $1,552,832.40. Following the transaction, the executive vice president now directly owns 39,396 shares of the company’s stock, valued at approximately $11,058,457.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BIIB. Curi Wealth Management LLC increased its holdings in shares of Biogen by 476.2% during the 1st quarter. Curi Wealth Management LLC now owns 121 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 100 shares during the last quarter. Urban Wealth Management LLC bought a new stake in Biogen during the 2nd quarter valued at approximately $25,000. FNY Investment Advisers LLC boosted its stake in Biogen by 526.7% during the 3rd quarter. FNY Investment Advisers LLC now owns 94 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. Larson Financial Group LLC bought a new stake in Biogen during the 3rd quarter valued at approximately $25,000. Finally, J.W. Cole Advisors Inc. bought a new stake in Biogen during the 1st quarter valued at approximately $26,000. Institutional investors and hedge funds own 83.45% of the company’s stock.

Biogen Stock Performance

The firm has a 50 day moving average of $250.72 and a two-hundred day moving average of $221.97. The stock has a market cap of $43.06 billion, a P/E ratio of 15.23, a P/E/G ratio of 1.70 and a beta of 0.19. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.14 and a current ratio of 2.49.

Biogen (NASDAQ:BIIBGet Rating) last announced its earnings results on Tuesday, October 25th. The biotechnology company reported $4.77 earnings per share for the quarter, beating the consensus estimate of $4.16 by $0.61. Biogen had a return on equity of 21.31% and a net margin of 27.64%. The firm had revenue of $2.51 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the prior year, the company earned $4.77 EPS. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. On average, research analysts predict that Biogen Inc. will post 17.01 EPS for the current fiscal year.

Biogen Company Profile

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis, SPINRAZA for the treatment of spinal muscular atrophy, and FUMADERM for the treatment of severe plaque psoriasis.

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