Biogen (NASDAQ:BIIB) Now Covered by Analysts at Wolfe Research

Wolfe Research started coverage on shares of Biogen (NASDAQ:BIIB) in a report published on Friday morning, Marketbeat.com reports. The firm issued a peer perform rating on the biotechnology company’s stock.

Other research analysts have also recently issued research reports about the company. Mizuho decreased their target price on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 target price on shares of Biogen in a research note on Wednesday, October 30th. Morgan Stanley cut Biogen from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $285.00 to $204.00 in a research note on Thursday, October 31st. Finally, Royal Bank of Canada decreased their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Twelve research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Price Performance

Shares of BIIB stock traded down $4.90 during midday trading on Friday, reaching $159.99. 1,917,074 shares of the company were exchanged, compared to its average volume of 1,169,550. The company’s 50 day moving average price is $185.99 and its two-hundred day moving average price is $207.38. The company has a market cap of $23.31 billion, a P/E ratio of 14.45, a PEG ratio of 1.57 and a beta of -0.06. Biogen has a 12 month low of $159.60 and a 12 month high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last released 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 return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the firm posted $4.36 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, sell-side analysts expect that Biogen will post 16.4 earnings per share for the current year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Plato Investment Management Ltd raised its stake in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Biogen in the 2nd quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in Biogen in the 3rd quarter valued at approximately $33,000. EntryPoint Capital LLC acquired a new stake in Biogen in the 1st quarter valued at approximately $36,000. Finally, Versant Capital Management Inc grew its holdings in Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 85 shares during the last quarter. 87.93% of the stock is owned by 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.