Wolfe Research Initiates Coverage on Biogen (NASDAQ:BIIB)

Investment analysts at Wolfe Research started coverage on shares of Biogen (NASDAQ:BIIB) in a research note issued on Friday, Marketbeat.com reports. The firm set a “peer perform” rating on the biotechnology company’s stock.

Several other equities research analysts also recently weighed in on BIIB. Oppenheimer decreased their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 target price on shares of Biogen in a report on Wednesday, October 30th. Barclays cut their price target on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada lowered their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Wells Fargo & Company dropped their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Twelve investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Trading Down 3.0 %

Shares of Biogen stock opened at $159.99 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The company has a market capitalization 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 1 year low of $159.60 and a 1 year high of $268.30. The company’s fifty day moving average is $185.99 and its two-hundred day moving average is $207.38.

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

Insiders Place Their Bets

In other Biogen 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 transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Several institutional investors have recently added to or reduced their stakes in BIIB. QRG Capital Management Inc. raised its stake in Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares during the period. Blair William & Co. IL grew its position in Biogen by 9.6% during the first quarter. Blair William & Co. IL now owns 12,867 shares of the biotechnology company’s stock valued at $2,775,000 after acquiring an additional 1,132 shares during the period. Nwam LLC increased its stake in Biogen by 6.3% during the first quarter. Nwam LLC now owns 1,324 shares of the biotechnology company’s stock worth $290,000 after acquiring an additional 78 shares during the last quarter. M&G Plc purchased a new position in shares of Biogen in the 1st quarter worth about $1,856,000. Finally, Nicolet Advisory Services LLC lifted its stake in shares of Biogen by 6.9% in the 1st quarter. Nicolet Advisory Services LLC now owns 1,583 shares of the biotechnology company’s stock valued at $327,000 after purchasing an additional 102 shares in the last quarter. 87.93% of the stock is currently 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.