Bank of America Reiterates Neutral Rating for Biogen (NASDAQ:BIIB)

Biogen (NASDAQ:BIIB)‘s stock had its “neutral” rating reissued by investment analysts at Bank of America in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They currently have a $178.00 price target on the biotechnology company’s stock. Bank of America‘s price target would indicate a potential upside of 13.04% from the stock’s current price.

A number of other equities analysts also recently weighed in on BIIB. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $292.00 target price on shares of Biogen in a research note on Monday, September 9th. Barclays lowered their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Oppenheimer cut their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. UBS Group cut their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Finally, StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $249.80.

Biogen Trading Up 0.7 %

Shares of Biogen stock opened at $157.46 on Tuesday. The company has a 50 day simple moving average of $173.14 and a two-hundred day simple moving average of $199.48. Biogen has a 1 year low of $153.62 and a 1 year high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The firm has a market cap of $22.95 billion, a PE ratio of 14.22, a PEG ratio of 1.49 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the business posted $4.36 earnings per share. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. Analysts expect that Biogen will post 16.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

Several institutional investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new stake in Biogen in the second quarter worth $33,000. Ashton Thomas Securities LLC purchased a new position in Biogen in the third quarter valued at about $33,000. First Horizon Advisors Inc. raised its stake in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 49 shares in the last quarter. Blue Trust Inc. increased its position in shares of Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 127 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its stake in Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 93 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

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.