Truist Financial Reaffirms “Buy” Rating for Biogen (NASDAQ:BIIB)

Truist Financial reissued their buy rating on shares of Biogen (NASDAQ:BIIB) in a report issued on Monday, Benzinga reports. They currently have a $302.00 price objective on the biotechnology company’s stock, down from their previous price objective of $340.00.

Other analysts have also issued reports about the stock. Scotiabank reduced their price objective on shares of Biogen from $275.00 to $244.00 and set a sector outperform rating for the company in a research note on Friday. Needham & Company LLC reaffirmed a buy rating and set a $288.00 price target on shares of Biogen in a report on Thursday, August 1st. William Blair reissued an outperform rating on shares of Biogen in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. reduced their price target on shares of Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research note on Thursday, April 11th. Finally, Royal Bank of Canada boosted their target price on shares of Biogen from $282.00 to $292.00 and gave the company an outperform rating in a research note on Friday. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $276.42.

Biogen Stock Up 0.9 %

Shares of NASDAQ:BIIB traded up $1.74 during midday trading on Monday, reaching $200.13. The company’s stock had a trading volume of 1,262,133 shares, compared to its average volume of 1,152,426. The firm has a market capitalization of $29.14 billion, a P/E ratio of 24.99, a PEG ratio of 2.09 and a beta of -0.04. The company has a quick ratio of 1.32, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen has a 12-month low of $189.44 and a 12-month high of $278.95. The firm has a 50 day moving average of $224.62 and a 200-day moving average of $222.47.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the previous year, the firm posted $4.02 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. On average, research analysts anticipate that Biogen will post 15.87 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Leo Wealth LLC purchased a new stake in Biogen in the 4th quarter valued at about $2,265,000. Everence Capital Management Inc. boosted its stake in shares of Biogen by 26.6% in the 4th quarter. Everence Capital Management Inc. now owns 5,000 shares of the biotechnology company’s stock valued at $1,294,000 after buying an additional 1,050 shares during the period. Duality Advisers LP acquired a new position in shares of Biogen during the first quarter worth $1,290,000. Tocqueville Asset Management L.P. increased its stake in Biogen by 924.4% in the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after purchasing an additional 41,690 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after acquiring an additional 3,380 shares in the last quarter. Institutional investors and hedge funds 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.