Citigroup Initiates Coverage on Biogen (NASDAQ:BIIB)

Stock analysts at Citigroup started coverage on shares of Biogen (NASDAQ:BIIB) in a research note issued on Thursday, Marketbeat.com reports. The firm set a “neutral” rating and a $190.00 price target on the biotechnology company’s stock. Citigroup’s target price indicates a potential upside of 18.76% from the company’s previous close.

Other research analysts have also issued research reports about the company. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Raymond James reissued a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. TD Cowen dropped their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Wedbush reduced their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Finally, 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 note on Friday, August 2nd. Twelve analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Price Performance

BIIB stock opened at $159.99 on Thursday. The firm has a 50 day moving average of $186.80 and a 200-day moving average of $207.77. The firm has a market capitalization of $23.31 billion, a P/E ratio of 14.78, a price-to-earnings-growth 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 current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the business earned $4.36 EPS. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts predict that Biogen will post 16.4 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of the 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 completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This 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 the SEC website. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in Biogen by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after acquiring an additional 5,270 shares during the period. Arlington Partners LLC lifted its holdings in shares of Biogen by 34.3% during the third quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after purchasing an additional 4,902 shares during the last quarter. Tocqueville Asset Management L.P. boosted its position in shares of Biogen by 924.4% in the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after purchasing an additional 41,690 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after buying an additional 10,425 shares during the last quarter. Finally, M&G Plc bought a new position in Biogen during the 1st quarter valued at approximately $1,856,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

About Biogen

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.