Biogen (NASDAQ:BIIB) Earns “Buy” Rating from Needham & Company LLC

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued to investors on Friday, Benzinga reports. They currently have a $294.00 price objective on the biotechnology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 28.54% from the company’s previous close.

BIIB has been the subject of several other research reports. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Monday, April 1st. HC Wainwright reissued a “buy” rating and set a $300.00 target price on shares of Biogen in a research note on Thursday, May 23rd. Truist Financial reissued a “buy” rating and set a $340.00 target price on shares of Biogen in a research note on Thursday, May 16th. UBS Group cut their target price on Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Finally, HSBC lifted their price objective on Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $286.50.

Biogen Stock Performance

NASDAQ BIIB opened at $228.72 on Friday. Biogen has a 1-year low of $189.44 and a 1-year high of $287.60. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. The company has a market cap of $33.30 billion, a PE ratio of 28.55, a price-to-earnings-growth ratio of 2.26 and a beta of -0.02. The stock’s 50 day simple moving average is $220.71 and its 200-day simple moving average is $228.79.

Biogen (NASDAQ:BIIB) last posted 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 return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the firm earned $3.40 earnings per share. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, equities research analysts anticipate that Biogen will post 15.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Biogen

Institutional investors have recently added to or reduced their stakes in the stock. Leo Wealth LLC acquired a new position in Biogen in the 4th quarter valued at about $2,265,000. ICICI Prudential Asset Management Co Ltd increased its position in Biogen by 15.0% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock valued at $9,313,000 after acquiring an additional 4,693 shares during the period. iA Global Asset Management Inc. increased its position in Biogen by 35.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after acquiring an additional 3,145 shares during the period. Dynamic Advisor Solutions LLC increased its position in Biogen by 6.2% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after acquiring an additional 285 shares during the period. Finally, Public Sector Pension Investment Board increased its position in Biogen by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 15,550 shares of the biotechnology company’s stock valued at $3,997,000 after acquiring an additional 1,690 shares during the period. Institutional investors and hedge funds 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.