Truist Financial Reiterates Buy Rating for Biogen (NASDAQ:BIIB)

Truist Financial restated their buy rating on shares of Biogen (NASDAQ:BIIB) in a research report report published on Monday morning, Benzinga reports. Truist Financial currently has a $340.00 price objective on the biotechnology company’s stock.

BIIB has been the topic of several other reports. Robert W. Baird reduced their target price on Biogen from $333.00 to $316.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Wells Fargo & Company downgraded shares of Biogen from an overweight rating to an equal weight rating and lowered their target price for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. UBS Group decreased their price target on shares of Biogen from $276.00 to $250.00 and set a neutral rating on the stock in a report on Friday, February 16th. BTIG Research restated a neutral rating on shares of Biogen in a report on Sunday, January 7th. Finally, HC Wainwright reiterated a buy rating and issued a $325.00 target price on shares of Biogen in a report on Wednesday, February 14th. Nine research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, Biogen has an average rating of Moderate Buy and an average target price of $305.68.

Biogen Trading Down 0.3 %

NASDAQ:BIIB opened at $215.63 on Monday. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $229.71 and its 200-day simple moving average is $242.07. Biogen has a 12-month low of $211.01 and a 12-month high of $319.76. The firm has a market cap of $31.34 billion, a P/E ratio of 27.02, a PEG ratio of 1.77 and a beta of -0.03.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.23). The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same quarter in the previous year, the firm posted $4.05 EPS. Equities analysts anticipate that Biogen will post 15.48 EPS for the current year.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Biogen news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 789 shares of company stock worth $182,213. Insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Several hedge funds and other institutional investors have recently bought and sold shares of BIIB. Raymond James Trust N.A. grew its position in shares of Biogen by 16.4% in the 1st quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock worth $693,000 after buying an additional 464 shares during the last quarter. Cibc World Market Inc. increased its position in Biogen by 39.9% during the 1st quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock valued at $3,210,000 after purchasing an additional 4,349 shares during the period. Vanguard Group Inc. lifted its position in shares of Biogen by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock worth $2,468,356,000 after purchasing an additional 183,285 shares during the period. Baird Financial Group Inc. boosted its stake in shares of Biogen by 15.3% during the 1st quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock valued at $18,896,000 after purchasing an additional 11,882 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Biogen by 10.7% during the first quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock valued at $1,251,000 after buying an additional 573 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.