Biogen (NASDAQ:BIIB) Earns “Market Perform” Rating from Raymond James

Raymond James reaffirmed their market perform rating on shares of Biogen (NASDAQ:BIIB) in a research note released on Thursday morning, Marketbeat reports.

Several other research analysts have also recently weighed in on the company. Robert W. Baird lowered their target price on Biogen from $316.00 to $294.00 and set an outperform rating on the stock in a report on Monday, July 29th. William Blair reissued an outperform rating on shares of Biogen in a research note on Wednesday, July 3rd. Wedbush reduced their price target on Biogen from $210.00 to $205.00 and set a neutral rating on the stock in a report on Monday, September 23rd. Scotiabank dropped their price objective on shares of Biogen from $275.00 to $244.00 and set a sector outperform rating for the company in a report on Friday, August 2nd. Finally, Mizuho cut their price objective on shares of Biogen from $277.00 to $251.00 and set an outperform rating for the company in a research report on Tuesday, August 6th. Nine equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Biogen has an average rating of Moderate Buy and an average price target of $273.78.

Biogen Price Performance

NASDAQ:BIIB opened at $188.38 on Thursday. The firm has a market cap of $27.43 billion, a P/E ratio of 23.52, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. The stock has a 50 day moving average of $198.14 and a two-hundred day moving average of $211.73. Biogen has a 12 month low of $181.31 and a 12 month high of $269.43. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the company earned $4.02 EPS. The firm’s revenue was up .4% compared to the same quarter last year. On average, analysts expect that Biogen will post 16.13 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wedge Capital Management L L P NC increased its position in shares of Biogen by 2.8% during the third quarter. Wedge Capital Management L L P NC now owns 152,661 shares of the biotechnology company’s stock worth $29,592,000 after purchasing an additional 4,147 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in Biogen in the third quarter valued at approximately $100,000. Exchange Traded Concepts LLC lifted its stake in Biogen by 4,516.7% in the third quarter. Exchange Traded Concepts LLC now owns 1,662 shares of the biotechnology company’s stock valued at $322,000 after buying an additional 1,626 shares during the last quarter. City State Bank grew its position in shares of Biogen by 21.9% during the third quarter. City State Bank now owns 892 shares of the biotechnology company’s stock worth $173,000 after acquiring an additional 160 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Biogen by 521.7% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,430 shares of the biotechnology company’s stock valued at $277,000 after acquiring an additional 1,200 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Company Profile

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.