Biogen (NASDAQ:BIIB) Stock Lifted to “Strong-Buy” by Wall Street Zen

Biogen (NASDAQ:BIIB) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday, Wall Street Zen reports.

Several other research firms have also commented on BIIB. Zacks Research raised shares of Biogen from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 28th. Argus upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $280.00 price objective on the stock in a report on Thursday, October 29th. Piper Sandler reaffirmed an “overweight” rating and issued a $305.00 price objective (up from $245.00) on shares of Biogen in a research report on Monday. Canaccord Genuity Group lifted their target price on shares of Biogen from $248.00 to $272.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. Finally, Guggenheim upped their price target on shares of Biogen from $280.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $254.41.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $253.40 on Friday. The company has a market capitalization of $37.46 billion, a price-to-earnings ratio of 108.29, a price-to-earnings-growth ratio of 2.84 and a beta of 0.10. Biogen has a 52 week low of $160.36 and a 52 week high of $261.00. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The firm has a 50 day moving average of $233.35 and a 200 day moving average of $205.04.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same period last year, the business posted $4.81 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts predict that Biogen will post 12.46 earnings per share for the current fiscal year.

Institutional Trading of Biogen

A number of hedge funds have recently bought and sold shares of BIIB. State Street Corp raised its stake in shares of Biogen by 830.1% in the 3rd quarter. State Street Corp now owns 136,622,812 shares of the biotechnology company’s stock valued at $30,860,361,000 after acquiring an additional 121,934,158 shares in the last quarter. BlackRock Inc. bought a new stake in Biogen during the second quarter worth approximately $3,453,878,000. Primecap Management Co. CA bought a new stake in Biogen during the second quarter worth approximately $3,274,304,000. Public Sector Pension Investment Board grew its holdings in Biogen by 10,085.8% during the third quarter. Public Sector Pension Investment Board now owns 2,466,095 shares of the biotechnology company’s stock valued at $557,042,000 after purchasing an additional 2,441,884 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Biogen by 1,524.5% during the third quarter. Russell Investments Group Ltd. now owns 2,175,055 shares of the biotechnology company’s stock valued at $491,301,000 after purchasing an additional 2,041,161 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.