Biogen (NASDAQ:BIIB) Price Target Raised to $270.00

Biogen (NASDAQ:BIIB) had its price objective raised by HC Wainwright from $251.00 to $270.00 in a research note issued to investors on Monday morning, Marketbeat reports. They currently have a buy rating on the biotechnology company’s stock.

Several other analysts also recently issued reports on the company. Weiss Ratings downgraded Biogen from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 29th. Stifel Nicolaus set a $242.00 target price on Biogen in a research report on Thursday, September 10th. Royal Bank Of Canada upped their target price on Biogen from $256.00 to $272.00 and gave the stock an “outperform” rating in a research report on Thursday, October 29th. Needham & Company LLC increased their target price on Biogen from $256.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Finally, Robert W. Baird raised their target price on Biogen from $250.00 to $290.00 and gave the company an “outperform” rating in a report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $252.34.

Biogen Trading Up 2.2%

Shares of BIIB stock opened at $254.46 on Monday. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. Biogen has a fifty-two week low of $148.51 and a fifty-two week high of $258.78. The firm’s 50 day moving average price is $229.01 and its two-hundred day moving average price is $202.23. The stock has a market cap of $37.61 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 2.82 and a beta of 0.10.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.63. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same quarter in the prior year, the business earned $4.81 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts anticipate that Biogen will post 12.45 EPS for the current year.

Hedge Funds Weigh In On Biogen

Institutional investors have recently modified their holdings of the company. Align Financial LLC boosted its position in shares of Biogen by 339.3% during the third quarter. Align Financial LLC now owns 123 shares of the biotechnology company’s stock worth $28,000 after buying an additional 95 shares during the period. Bell Investment Advisors Inc acquired a new stake in Biogen in the 2nd quarter valued at approximately $27,000. Provenance Wealth Advisors LLC acquired a new stake in Biogen in the 3rd quarter valued at approximately $29,000. Canton Hathaway LLC bought a new stake in Biogen during the 3rd quarter valued at $31,000. Finally, Ashurst Perkins Coie Trust Co raised its stake in Biogen by 92.2% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 173 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 83 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Company Profile

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company’s portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer’s disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.