Citigroup Initiates Coverage on Biogen (NASDAQ:BIIB)

Investment analysts at Citigroup started coverage on shares of Biogen (NASDAQ:BIIB) in a report issued on Thursday,Briefing.com Automated Import reports. The brokerage set a “neutral” rating and a $190.00 price target on the biotechnology company’s stock. Citigroup’s price objective would indicate a potential upside of 14.60% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. TD Cowen cut their price target on shares of Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and set a $270.00 target price on shares of Biogen in a research report on Wednesday, October 30th. Royal Bank of Canada decreased their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Robert W. Baird lowered their price objective on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Finally, Mizuho reduced their price target on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a report on Tuesday, August 6th. Eleven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $258.72.

Biogen Stock Performance

NASDAQ:BIIB opened at $165.79 on Thursday. The business has a 50 day moving average price of $188.32 and a 200-day moving average price of $208.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The firm has a market cap of $24.16 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 1.60 and a beta of -0.06. Biogen has a fifty-two week low of $165.53 and a fifty-two week high of $268.30.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.36 EPS. Equities research analysts predict that Biogen will post 16.4 earnings per share for the current year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Vanguard Group Inc. boosted its holdings in Biogen by 15.0% in the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after acquiring an additional 2,163,068 shares in the last quarter. Primecap Management Co. CA raised its position in shares of Biogen by 0.7% in the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after purchasing an additional 117,578 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Biogen by 5.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after purchasing an additional 81,283 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Biogen by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after purchasing an additional 12,319 shares during the last quarter. Finally, RA Capital Management L.P. increased its stake in Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after purchasing an additional 207,835 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Company Profile

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.