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

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $294.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 45.21% from the company’s previous close.

Several other research analysts have also issued reports on the stock. UBS Group decreased their price target on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Wells Fargo & Company lowered Biogen from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. Bank of America dropped their price target on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Canaccord Genuity Group dropped their price objective on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a report on Tuesday, February 20th. Finally, Bank Of America (Bofa) cut their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and a consensus target price of $293.88.

Biogen Stock Performance

BIIB opened at $202.46 on Wednesday. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The stock has a market cap of $29.43 billion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 1.84 and a beta of -0.02. The business’s 50 day moving average is $212.76 and its 200-day moving average is $234.17. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 11.81% and a return on equity of 14.91%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the firm posted $3.40 EPS. Biogen’s revenue was down 7.0% compared to the same quarter last year. On average, analysts predict that Biogen will post 15.47 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders have sold 882 shares of company stock valued at $202,030 in the last 90 days. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Biogen

A number of large investors have recently added to or reduced their stakes in BIIB. Livelsberger Financial Advisory bought a new stake in Biogen during the fourth quarter worth $26,000. OFI Invest Asset Management acquired a new stake in shares of Biogen during the 3rd quarter worth approximately $26,000. Gladius Capital Management LP bought a new stake in Biogen in the third quarter valued at $28,000. Hexagon Capital Partners LLC raised its stake in Biogen by 76.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after buying an additional 51 shares during the period. Finally, KB Financial Partners LLC raised its position in shares of Biogen by 105.1% during the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 62 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.