Biogen (NASDAQ:BIIB) Upgraded to Buy by Standpoint Research

Biogen (NASDAQ:BIIB) was upgraded by analysts at Standpoint Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, June 5th, MarketBeat reports.

A number of other research firms have also recently issued reports on BIIB. BMO Capital Markets started coverage on Biogen in a report on Friday, February 22nd. They set a “market perform” rating and a $322.00 price target on the stock. Bank of America cut Biogen from a “buy” rating to a “neutral” rating in a report on Thursday, March 21st. Mizuho cut Biogen from a “buy” rating to a “neutral” rating and cut their price target for the stock from $416.00 to $235.00 in a report on Thursday, March 21st. Atlantic Securities cut Biogen from an “overweight” rating to a “neutral” rating in a report on Thursday, March 21st. Finally, JPMorgan Chase & Co. restated a “hold” rating on shares of Biogen in a report on Wednesday, April 24th. Three research analysts have rated the stock with a sell rating, twenty-six have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $282.08.

BIIB stock traded down $5.90 during trading on Wednesday, hitting $233.87. The company had a trading volume of 3,666,823 shares, compared to its average volume of 1,669,225. The stock has a 50-day moving average price of $229.89. Biogen has a one year low of $216.12 and a one year high of $388.67. The firm has a market cap of $46.49 billion, a PE ratio of 8.93, a PEG ratio of 0.96 and a beta of 0.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.60 and a current ratio of 2.84.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $6.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $6.88 by $0.10. Biogen had a return on equity of 41.39% and a net margin of 33.79%. The business had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the business posted $6.05 earnings per share. The firm’s revenue was up 11.5% on a year-over-year basis. Equities analysts expect that Biogen will post 29.57 earnings per share for the current fiscal year.

In related news, CEO Michel Vounatsos purchased 4,351 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average cost of $231.48 per share, with a total value of $1,007,169.48. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Alexander J. Denner purchased 118,342 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average cost of $229.94 per share, with a total value of $27,211,559.48. Following the completion of the transaction, the director now directly owns 10,909 shares in the company, valued at approximately $2,508,415.46. The disclosure for this purchase can be found here. Insiders purchased a total of 173,035 shares of company stock valued at $39,759,632 over the last three months. 0.39% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in BIIB. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Biogen by 0.3% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,016 shares of the biotechnology company’s stock worth $3,917,000 after acquiring an additional 39 shares during the period. Cigna Investments Inc. New grew its stake in shares of Biogen by 0.5% during the 4th quarter. Cigna Investments Inc. New now owns 8,396 shares of the biotechnology company’s stock worth $2,526,000 after acquiring an additional 39 shares during the period. Mosaic Family Wealth LLC grew its stake in shares of Biogen by 19.5% during the 4th quarter. Mosaic Family Wealth LLC now owns 263 shares of the biotechnology company’s stock worth $79,000 after acquiring an additional 43 shares during the period. Balasa Dinverno & Foltz LLC grew its stake in shares of Biogen by 2.5% during the 4th quarter. Balasa Dinverno & Foltz LLC now owns 1,831 shares of the biotechnology company’s stock worth $551,000 after acquiring an additional 45 shares during the period. Finally, BRYN MAWR TRUST Co grew its stake in shares of Biogen by 7.2% during the 4th quarter. BRYN MAWR TRUST Co now owns 669 shares of the biotechnology company’s stock worth $201,000 after acquiring an additional 45 shares during the period. 87.55% 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 worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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