Wedbush Begins Coverage on Biogen (BIIB)

Equities research analysts at Wedbush started coverage on shares of Biogen (NASDAQ:BIIB) in a research report issued on Wednesday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $231.00 price target on the biotechnology company’s stock. Wedbush’s price objective suggests a potential upside of 0.82% from the company’s previous close.

A number of other brokerages have also recently weighed in on BIIB. Oppenheimer set a $372.00 price objective on Biogen and gave the stock a “buy” rating in a research note on Friday, January 25th. Stifel Nicolaus cut Biogen from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $397.00 to $346.00 in a research note on Thursday, February 21st. Citigroup upped their price objective on Biogen from $372.00 to $380.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 30th. Leerink Swann upped their price objective on Biogen from $328.00 to $341.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 30th. Finally, Mizuho set a $427.00 price objective on Biogen and gave the stock a “buy” rating in a research note on Tuesday, January 29th. Three equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and seven have given a buy rating to the stock. Biogen has a consensus rating of “Hold” and a consensus target price of $283.23.

Shares of BIIB stock opened at $229.11 on Wednesday. Biogen has a twelve month low of $216.12 and a twelve month high of $388.67. The firm has a market capitalization of $45.16 billion, a price-to-earnings ratio of 8.74, a PEG ratio of 1.04 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.84 and a quick ratio of 2.60.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $6.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $6.88 by $0.10. The business had revenue of $3.49 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Biogen had a return on equity of 41.39% and a net margin of 33.79%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the business earned $6.05 EPS. As a group, equities analysts forecast that Biogen will post 29.58 EPS for the current year.

In other Biogen news, Director Alexander J. Denner bought 50,342 shares of Biogen stock in a transaction that occurred on Tuesday, April 30th. The shares were bought at an average cost of $229.25 per share, with a total value of $11,540,903.50. Following the transaction, the director now directly owns 10,909 shares of the company’s stock, valued at approximately $2,500,888.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert W. Pangia sold 6,114 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $328.55, for a total value of $2,008,754.70. Following the transaction, the director now directly owns 24,701 shares in the company, valued at $8,115,513.55. The disclosure for this sale can be found here. Insiders have purchased a total of 173,035 shares of company stock worth $39,759,632 over the last ninety days. 0.29% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Northwest Wealth Management LLC increased its holdings in shares of Biogen by 188.9% in the first quarter. Northwest Wealth Management LLC now owns 104 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 68 shares during the period. Portfolio Solutions LLC acquired a new position in shares of Biogen in the fourth quarter valued at about $26,000. Kore Private Wealth LLC acquired a new position in shares of Biogen in the first quarter valued at about $26,000. Resources Investment Advisors Inc. increased its holdings in shares of Biogen by 500.0% in the first quarter. Resources Investment Advisors Inc. now owns 120 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Finally, Private Ocean LLC acquired a new position in shares of Biogen in the first quarter valued at about $31,000. 88.33% of the stock is currently owned by institutional investors.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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