Biogen (NASDAQ:BIIB) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Biogen (NASDAQ:BIIB) in a research note released on Friday morning, Benzinga reports. Needham & Company LLC currently has a $294.00 price objective on the biotechnology company’s stock.

A number of other research firms also recently commented on BIIB. Royal Bank of Canada reiterated an outperform rating and set a $317.00 price objective on shares of Biogen in a research note on Wednesday. Wedbush increased their price objective on shares of Biogen from $213.00 to $215.00 and gave the company a neutral rating in a research note on Thursday, April 25th. Bank of America reduced their price objective on shares of Biogen from $280.00 to $260.00 and set a neutral rating on the stock in a research note on Friday, April 12th. HSBC increased their price objective on shares of Biogen from $339.00 to $342.00 and gave the company a buy rating in a research note on Friday, May 3rd. Finally, Oppenheimer reaffirmed an outperform rating and issued a $270.00 price target on shares of Biogen in a report on Monday, April 29th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $286.50.

Biogen Price Performance

BIIB opened at $231.82 on Friday. The company has a fifty day simple moving average of $222.22 and a 200 day simple moving average of $228.69. The firm has a market cap of $33.75 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 2.30 and a beta of -0.02. Biogen has a twelve month low of $189.44 and a twelve month high of $287.60. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business’s revenue was down 7.0% on a year-over-year basis. During the same period last year, the business earned $3.40 EPS. Equities research analysts expect that Biogen will post 15.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Plato Investment Management Ltd raised its position in shares of 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 buying an additional 53 shares in the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Biogen in the fourth quarter worth approximately $26,000. Rise Advisors LLC purchased a new position in shares of Biogen in the first quarter worth approximately $27,000. Gladius Capital Management LP purchased a new position in shares of Biogen in the third quarter worth approximately $28,000. Finally, KB Financial Partners LLC increased its position in shares of Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 62 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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.