Trade Report: The JPMorgan Chase & Co. Reaffirms Overweight Rating for Biogen Inc. (BIIB)

The JPMorgan Chase & Co. Reaffirms Overweight Rating for Biogen Inc. (BIIB)

JPMorgan Chase & Co. reissued their overweight rating on shares of Biogen Inc. (NASDAQ:BIIB) in a report published on Friday morning. JPMorgan Chase & Co. currently has a $386.00 price objective on the biotechnology company’s stock.

BIIB has been the topic of a number of other research reports. Jefferies Group reaffirmed a buy rating and set a $319.00 price target on shares of Biogen in a research report on Thursday, August 4th. Robert W. Baird reaffirmed a neutral rating and set a $284.00 price target on shares of Biogen in a research report on Wednesday, August 10th. Vetr raised Biogen from a buy rating to a strong-buy rating and set a $346.47 price target on the stock in a research report on Monday, September 12th. Piper Jaffray Cos. set a $333.00 price target on Biogen and gave the company a hold rating in a research report on Thursday, September 22nd. Finally, Standpoint Research cut Biogen from a buy rating to a hold rating in a research report on Tuesday, August 2nd. Ten equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Biogen currently has an average rating of Buy and a consensus price target of $347.34.

Shares of Biogen (NASDAQ:BIIB) opened at 291.88 on Friday. The firm’s 50-day moving average price is $306.87 and its 200 day moving average price is $280.59. Biogen has a one year low of $223.02 and a one year high of $333.65. The firm has a market cap of $63.96 billion, a P/E ratio of 17.05 and a beta of 0.95.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, beating analysts’ consensus estimates of $4.69 by $0.52. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the firm earned $4.22 EPS. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. Analysts predict that Biogen will post $20.08 EPS for the current year.

In other Biogen news, Director Caroline Dorsa sold 27,570 shares of the stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total value of $8,656,980.00. Following the completion of the sale, the director now owns 19,663 shares in the company, valued at approximately $6,174,182. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO George A. Scangos sold 157 shares of the stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now owns 54,779 shares of the company’s stock, valued at approximately $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA boosted its stake in Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock valued at $4,229,348,000 after buying an additional 436,101 shares during the period. Vanguard Group Inc. boosted its stake in Biogen by 1.4% in the second quarter. Vanguard Group Inc. now owns 13,544,616 shares of the biotechnology company’s stock valued at $3,275,359,000 after buying an additional 182,714 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Biogen by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,816,485 shares of the biotechnology company’s stock valued at $1,406,542,000 after buying an additional 50,433 shares during the period. BlackRock Fund Advisors boosted its stake in Biogen by 1.5% in the second quarter. BlackRock Fund Advisors now owns 4,843,447 shares of the biotechnology company’s stock valued at $1,171,242,000 after buying an additional 71,709 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Biogen by 0.7% in the second quarter. Alliancebernstein L.P. now owns 3,184,239 shares of the biotechnology company’s stock valued at $770,013,000 after buying an additional 21,307 shares during the period. Institutional investors and hedge funds own 86.21% of the company’s stock.

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