Biogen (NASDAQ:BIIB) Rating Reiterated by William Blair

Biogen (NASDAQ:BIIB)‘s stock had its “outperform” rating restated by equities researchers at William Blair in a research report issued to clients and investors on Wednesday, RTT News reports.

A number of other research firms have also commented on BIIB. Bank of America lowered their price objective on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. HSBC raised their price objective on shares of Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Needham & Company LLC reiterated a “buy” rating and set a $294.00 price objective on shares of Biogen in a research note on Friday, June 28th. JPMorgan Chase & Co. reduced their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Finally, Wedbush raised their target price on shares of Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $286.50.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $228.82 on Wednesday. The firm’s 50-day moving average price is $222.97 and its two-hundred day moving average price is $228.19. Biogen has a 52-week low of $189.44 and a 52-week high of $287.60. The stock has a market capitalization of $33.32 billion, a P/E ratio of 28.57, a P/E/G ratio of 2.33 and a beta of -0.04. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter last year, the business earned $3.40 earnings per share. Biogen’s revenue was down 7.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Biogen will post 15.63 earnings per share for the current year.

Hedge Funds Weigh In On Biogen

Institutional investors have recently modified their holdings of the stock. Leo Wealth LLC bought a new position in shares of Biogen in the fourth quarter worth about $2,265,000. ICICI Prudential Asset Management Co Ltd raised its stake in shares of Biogen by 15.0% in the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after acquiring an additional 4,693 shares during the last quarter. iA Global Asset Management Inc. raised its stake in shares of Biogen by 35.2% during the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after buying an additional 3,145 shares during the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Biogen by 6.2% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after buying an additional 285 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its stake in shares of Biogen by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 15,550 shares of the biotechnology company’s stock worth $3,997,000 after buying an additional 1,690 shares during 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.