Sanford C. Bernstein Begins Coverage on Biogen (NASDAQ:BIIB)

Stock analysts at Sanford C. Bernstein began coverage on shares of Biogen (NASDAQ:BIIB) in a research report issued on Tuesday, Marketbeat reports. The firm set a “market perform” rating and a $160.00 price target on the biotechnology company’s stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 19.91% from the company’s current price.

A number of other research analysts also recently issued reports on BIIB. Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Wells Fargo & Company reduced their target price on Biogen from $190.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, January 10th. Wolfe Research assumed coverage on Biogen in a report on Friday, November 15th. They issued a “peer perform” rating for the company. William Blair restated an “outperform” rating on shares of Biogen in a report on Monday, January 13th. Finally, Mizuho dropped their target price on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research report on Thursday, November 21st. Seventeen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $221.65.

Biogen Price Performance

Biogen stock opened at $133.43 on Tuesday. The stock has a market cap of $19.44 billion, a price-to-earnings ratio of 12.05, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. The firm has a 50-day moving average of $148.28 and a two-hundred day moving average of $174.33. Biogen has a 1 year low of $128.51 and a 1 year high of $238.00. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. On average, research analysts forecast that Biogen will post 16.42 earnings per share for the current year.

Hedge Funds Weigh In On Biogen

Several hedge funds and other institutional investors have recently modified their holdings of BIIB. Vanguard Group Inc. raised its holdings in Biogen by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company’s stock valued at $2,561,238,000 after acquiring an additional 70,368 shares during the last quarter. State Street Corp increased its holdings in shares of Biogen by 3.5% in the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after purchasing an additional 248,942 shares during the last quarter. Geode Capital Management LLC lifted its position in Biogen by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company’s stock worth $563,709,000 after buying an additional 82,456 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after buying an additional 2,648,024 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Biogen in the 4th quarter worth $355,569,000. 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.