Biogen (NASDAQ:BIIB) Receives “Market Perform” Rating from Raymond James

Raymond James reissued their market perform rating on shares of Biogen (NASDAQ:BIIB) in a report issued on Thursday morning, Marketbeat.com reports.

A number of other research firms also recently weighed in on BIIB. Needham & Company LLC reissued a buy rating and issued a $285.00 target price on shares of Biogen in a report on Tuesday, September 24th. Scotiabank lowered their target price on Biogen from $275.00 to $244.00 and set a sector outperform rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company lowered their target price on Biogen from $240.00 to $225.00 and set an equal weight rating on the stock in a report on Friday, August 2nd. Barclays lowered their target price on Biogen from $200.00 to $190.00 and set an equal weight rating on the stock in a report on Friday, August 2nd. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $273.78.

Biogen Trading Up 1.5 %

Shares of NASDAQ:BIIB opened at $188.59 on Thursday. The company has a market cap of $27.47 billion, a P/E ratio of 23.75, a PEG ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. Biogen has a 1 year low of $181.31 and a 1 year high of $269.43. The stock’s fifty day moving average price is $198.48 and its 200-day moving average price is $211.93.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $2.39 billion. During the same period in the prior year, the company posted $4.02 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. Sell-side analysts expect that Biogen will post 16.13 earnings per share for the current year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biogen

Several institutional investors have recently added to or reduced their stakes in BIIB. Leo Wealth LLC bought a new stake in shares of Biogen in the 4th quarter valued at approximately $2,265,000. Duality Advisers LP bought a new stake in shares of Biogen in the 1st quarter valued at approximately $1,290,000. Tocqueville Asset Management L.P. lifted its stake 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 valued at $9,962,000 after purchasing an additional 41,690 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Biogen by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after purchasing an additional 3,380 shares during the last quarter. Finally, Cetera Investment Advisers lifted 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 valued at $3,204,000 after purchasing an additional 10,425 shares during the last quarter. 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.