According to Benzinga, Guggenheim analysts have increased their target price for Biogen (NASDAQ: BIIB) from $265.00 to $270.00 in a research report released on Friday. The brokerage firm has given the biotechnology company’s shares a “neutral” rating. The price objective provided by Guggenheim represents a decline of 5.62% compared to the stock’s most recent closing price.
Other reports on the BIIB have also been written on multiple occasions. Morgan Stanley increased their target price on Biogen from $321.00 to $325.00 and gave the company an “overweight” rating in a research report published on Wednesday, October 26th. The research coverage of StockNews.com was expanded to include Biogen on October 12th, Wednesday. They recommended a “strong buy” of the stock to prospective investors. In a research note published on Wednesday, October 26th, Cowen increased their price objective on Biogen shares to $300.00 from the previous $270.00. Goldman Sachs Group moved Biogen from a “neutral” rating to a “buy” rating and raised their price objective for the company from $220.00 to $370.00 in a research report published on Wednesday, October 26th. SVB Leerink increased their price objective on Biogen from $270.00 to $310.00 and gave the stock an “outperform” rating in a research report published on Wednesday, October 26th. Eight research analysts have assigned the stock a recommendation of “hold,” twenty have assigned the stock a one of “buy,” and one has assigned the stock a rating of “strong buy.” According to Bloomberg.com, the stock is projected to reach a price of $296.18 and has an average recommendation of “Moderate Buy.”
During Friday’s trading at lunchtime, the price of a share of Biogen’s shares dropped $4.63 to $286.07. There were 6,634 shares transacted in the stock, with an average volume of 1,528,155. The stock’s price is currently trading at $246.79, which is higher than its 50-day simple moving average of $220.62. The debt-to-equity ratio for Biogen is 0.49, the company’s current ratio is 2.49, and its quick ratio is 2.14. The company’s 52-week low was $187.16, and its 52-week high was $292.45. The stock has a market capitalization of $41.19 billion, a price-to-earnings ratio of 14.54, a price-to-growth ratio of 1.68, and a beta value of 0.19.
On Tuesday, October 25th, Biogen (NASDAQ: BIIB) disseminated its most recent quarterly results report for investors to peruse. The profits per share for the biotechnology business came in at $4.77 for the quarter, which is $0.61 more than the consensus estimate of $4.16 among experts. The revenue for the quarter came in at $2.51 billion, which was significantly higher than the $2.47 billion analysts had anticipated. The net margin for Biogen was 27.64%, and the company’s return on equity was 21.31%. The company’s revenue decline was 9.7% compared to the previous year. The business posted earnings of $4.77 per share during the same period last year. According to estimates provided by sell-side analysts, Biogen should bring in $17.04 in revenue per share this year.
On Thursday, October 27th, Executive Vice President Susan H. Alexander sold 5,532 shares of the company’s stock, as was reported in other news. At an average selling price of $280.70 per share, a total of 1,552,832.40 dollars was realized from the sale of the shares. Because of the sale, the executive vice president now has direct ownership of 39,396 shares of the firm, which have a combined value of $11,058,457.20. This information regarding the transaction was included in a file submitted to the SEC and may be found on their website. At present, business insiders own 0.65% of the total company stock.
Recent events have resulted in an increase or a fall in significant investors’ interest in the company. The Ontario Teachers’ Pension Plan Board boosted its holdings in Biogen by 476.3% during the third quarter of this fiscal year. The Ontario Teachers Pension Plan Board now has 13,225 shares of the biotechnology company’s stock, valued at $3,531,000. This is a result of the board’s purchase of an additional 10,930 shares during the time in question. During the third quarter, Cadence Bank boosted the percentage of Biogen stock owned by 4.6%. After acquiring 107 additional shares over time, Cadence Bank now has 2,441 shares in the biotechnology business, with a value of $652,000. During the third quarter, Wintons Group Ltd. purchased a new stake of Biogen shares valued at about $1,937,000. During the third quarter, Nicolet Bankshares Inc. acquired a new investment in Biogen for close to $317,000 in total. Finally, during the third quarter, Dimensional Fund Advisors LP increased the percentage of Biogen stock it held by 9.0 percent. After making an earlier investment of 112,599 shares, Dimensional Fund Advisors LP currently has 1,363,053 of the biotechnology company’s shares, which are worth a combined total of $363,909,000. Institutional investors and hedge funds currently own 83.45% of the company’s shares.
Biogen is a biopharmaceutical business with a primary focus on researching, developing, and eventual marketing treatments for neurological and neurodegenerative conditions. Multiple sclerosis patients can receive treatment with TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. In addition, patients with spinal muscular atrophy can receive Spinraza, while those with severe plaque psoriasis can receive Fumaderem.
Read More: PT Biogen (NASDAQ:BIIB) Increased to $270.00