Biogen (NASDAQ:BIIB) Rating Reiterated by Needham & Company LLC

Biogen (NASDAQ:BIIB)‘s stock had its “buy” rating restated by Needham & Company LLC in a note issued to investors on Friday, Benzinga reports. They currently have a $294.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 26.82% from the stock’s current price.

A number of other research analysts have also commented on the stock. UBS Group lowered their price objective on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. HC Wainwright reiterated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, May 23rd. Barclays reduced their target price on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Royal Bank of Canada restated an “outperform” rating and set a $317.00 target price on shares of Biogen in a report on Wednesday. Finally, Truist Financial restated a “buy” rating and set a $340.00 target price on shares of Biogen in a report on Thursday, May 16th. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $286.50.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $231.82 on Friday. The firm’s 50 day moving average is $222.22 and its two-hundred day moving average is $228.55. Biogen has a 52 week low of $189.44 and a 52 week high of $287.60. The firm has a market capitalization of $33.75 billion, a P/E ratio of 28.94, a PEG ratio of 2.30 and a beta of -0.02. 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 announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter last year, the business earned $3.40 earnings per share. Biogen’s revenue was down 7.0% compared to the same quarter last year. Analysts anticipate that Biogen will post 15.63 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Plato Investment Management Ltd raised its holdings 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 valued at $25,000 after purchasing an additional 53 shares in the last quarter. Livelsberger Financial Advisory bought a new position in Biogen in the 4th quarter worth $26,000. Rise Advisors LLC bought a new position in Biogen in the 1st quarter worth $27,000. Gladius Capital Management LP bought a new position in Biogen in the 3rd quarter worth $28,000. Finally, KB Financial Partners LLC increased its holdings in shares of Biogen by 105.1% during the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 62 shares during the period. 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.