Biogen Inc. (NASDAQ:BIIB) was upgraded by Stifel Nicolaus from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $415.00 price objective on the biotechnology company’s stock, up from their prior price objective of $300.00. Stifel Nicolaus’ price target indicates a potential upside of 20.44% from the company’s current price.
The analysts wrote, “gigantic” aducanumab phase 3 trial, which started in 2015 and was 50 percent enrolled in the second quarter of 2017, Shrader commented in his upgrade note. This should be seen as a “no news is good news” scenario as the Data and Safety Monitoring Board has likely seen a lot of data and hasn’t reported anything negative.Second, Biogen’s partner Eisai is set to report an interim outlook at its plaque-busting mAb that targets the form of Ab plaque thought to lead to neuronal destruction, the analyst continued. The only possible negative outcome would be strong plaque removal with no hints of cognitive benefit and any other result could either be very good or OK.Third, Biogen’s often ignored stroke programs address a very large market. Of particular note, the company’s Tysabri stoke program uncovered the “same cognitive and energy benefits in stroke patients that are routinely reported in MS patients” and turning this effect into a clinical endpoint that would be acceptable for the U.S. Food and Drug Administration is the likely next step.Finally, Ocrelizumab as part of the company’s base business is “meh not mud,” the analyst added. The therapy remains a drug with “remarkable anti inflammatory properties,” but a commercial rollout will likely be “measured.”
BIIB has been the topic of a number of other reports. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $311.67 price objective on the stock in a report on Tuesday, June 27th. Deutsche Bank AG started coverage on shares of Biogen in a report on Friday, June 23rd. They set a “buy” rating and a $315.00 price objective on the stock. Robert W. Baird restated a “hold” rating and set a $290.00 price objective on shares of Biogen in a report on Friday, August 25th. Credit Suisse Group set a $300.00 price objective on shares of Biogen and gave the stock a “hold” rating in a report on Friday, July 14th. Finally, BMO Capital Markets raised their price objective on shares of Biogen from $328.00 to $377.00 and gave the stock a “market perform” rating in a report on Wednesday, September 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Biogen currently has a consensus rating of “Buy” and a consensus price target of $340.67.
Shares of Biogen (NASDAQ BIIB) traded down 0.31% during mid-day trading on Tuesday, reaching $343.50. 88,639 shares of the company’s stock traded hands. The company’s 50 day moving average is $322.93 and its 200-day moving average is $284.94. Biogen has a 52 week low of $244.28 and a 52 week high of $348.84. The firm has a market cap of $72.63 billion, a price-to-earnings ratio of 22.54 and a beta of 0.77.
Biogen (NASDAQ:BIIB) last posted its earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.36 by $0.68. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period last year, the business posted $5.21 earnings per share. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities analysts expect that Biogen will post $21.62 earnings per share for the current fiscal year.
In other news, EVP Susan H. Alexander sold 4,974 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total value of $1,442,509.74. Following the completion of the transaction, the executive vice president now directly owns 22,258 shares in the company, valued at approximately $6,455,042.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Botty Investors LLC increased its position in Biogen by 75.0% during the 2nd quarter. Botty Investors LLC now owns 11,232 shares of the biotechnology company’s stock worth $3,048,000 after purchasing an additional 4,812 shares in the last quarter. Savant Capital LLC increased its position in Biogen by 3.7% during the 1st quarter. Savant Capital LLC now owns 846 shares of the biotechnology company’s stock worth $231,000 after purchasing an additional 30 shares in the last quarter. BB&T Securities LLC increased its position in Biogen by 25.0% during the 2nd quarter. BB&T Securities LLC now owns 12,989 shares of the biotechnology company’s stock worth $3,524,000 after purchasing an additional 2,598 shares in the last quarter. Vanguard Group Inc. increased its position in Biogen by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 14,352,490 shares of the biotechnology company’s stock worth $3,924,258,000 after purchasing an additional 342,568 shares in the last quarter. Finally, Israel Discount Bank of New York acquired a new position in Biogen during the 1st quarter worth approximately $894,000. Institutional investors and hedge funds own 87.62% of the company’s stock.
Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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