Needham & Company LLC Reiterates Buy Rating for Biogen (NASDAQ:BIIB)

Needham & Company LLC restated their buy rating on shares of Biogen (NASDAQ:BIIB) in a report published on Wednesday, Benzinga reports. The brokerage currently has a $270.00 price target on the biotechnology company’s stock.

A number of other equities analysts have also recently commented on BIIB. UBS Group reduced their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Piper Sandler reduced their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Scotiabank reduced their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Wells Fargo & Company dropped their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Finally, William Blair restated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Ten analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $262.83.

Biogen Stock Performance

NASDAQ BIIB opened at $173.79 on Wednesday. The stock has a market capitalization of $25.32 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.73 and a beta of -0.06. Biogen has a twelve month low of $173.14 and a twelve month high of $268.30. The company has a current ratio of 1.26, a quick ratio of 1.48 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average of $192.71 and a 200 day moving average of $209.47.

Biogen (NASDAQ:BIIB) last released its quarterly 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. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.36 EPS. Sell-side analysts anticipate that Biogen will post 16.36 EPS for the current fiscal year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several hedge funds have recently made changes to their positions in the company. KCM Investment Advisors LLC boosted its holdings in Biogen by 1.7% in the 1st quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock valued at $637,000 after purchasing an additional 48 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 49 shares during the last quarter. TFB Advisors LLC grew its stake in shares of Biogen by 2.1% during the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after buying an additional 50 shares during the period. QRG Capital Management Inc. grew its stake in shares of Biogen by 2.0% during the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after buying an additional 51 shares during the period. Finally, Plato Investment Management Ltd boosted its position in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the period. Hedge funds and other 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.