Today, Biogen Inc. (BIIB) Upgrade by Piper Jaffray Cos. to “Overweight”

Today, Biogen Inc. (BIIB) Upgrade by Piper Jaffray Cos. to “Overweight”

Biogen Inc. (NASDAQ:BIIB) was upgraded by stock analysts at Piper Jaffray Cos. from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $335.00 price objective on the biotechnology company’s stock. Piper Jaffray Cos.’s target price would indicate a potential upside of 9.76% from the company’s previous close. The analysts noted that the move was a valuation call.

A number of other equities analysts have also weighed in on the stock. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 price objective for the company in a report on Monday, September 12th. Zacks Investment Research upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $321.00 price objective for the company in a report on Wednesday, July 27th. Jefferies Group restated a “buy” rating and issued a $319.00 price objective on shares of Biogen in a report on Sunday, September 4th. Bank of America Corp. restated a “buy” rating and issued a $374.00 price objective on shares of Biogen in a report on Thursday, September 22nd. Finally, BMO Capital Markets boosted their price objective on shares of Biogen from $286.00 to $304.00 and gave the stock a “market perform” rating in a report on Monday, August 1st. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $338.93.

Shares of Biogen (NASDAQ:BIIB) opened at 305.20 on Monday. Biogen has a 52-week low of $223.02 and a 52-week high of $333.65. The firm’s 50 day moving average price is $299.88 and its 200 day moving average price is $287.26. The stock has a market cap of $66.40 billion, a P/E ratio of 17.26 and a beta of 0.75.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 26th. The biotechnology company reported $5.19 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.22. Biogen had a net margin of 34.03% and a return on equity of 40.02%. The company earned $2.96 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same period in the previous year, the business earned $4.48 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts expect that Biogen will post $20.22 EPS for the current year.

In other Biogen news, EVP Adriana Karaboutis sold 262 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total value of $81,728.28. Following the transaction, the executive vice president now directly owns 7,579 shares in the company, valued at approximately $2,364,193.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Caroline Dorsa sold 27,570 shares of the company’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the completion of the transaction, the director now owns 19,663 shares in the company, valued at $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the company. Prudential PLC increased its position in shares of Biogen by 396.9% in the first quarter. Prudential PLC now owns 28,247 shares of the biotechnology company’s stock worth $7,353,000 after buying an additional 22,562 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Biogen during the first quarter worth approximately $33,233,000. Nuveen Asset Management LLC increased its position in shares of Biogen by 101.9% in the first quarter. Nuveen Asset Management LLC now owns 101,785 shares of the biotechnology company’s stock worth $26,497,000 after buying an additional 51,375 shares in the last quarter. Williams Jones & Associates LLC increased its position in shares of Biogen by 1.8% in the first quarter. Williams Jones & Associates LLC now owns 7,897 shares of the biotechnology company’s stock worth $2,056,000 after buying an additional 138 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Biogen by 66.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 374,324 shares of the biotechnology company’s stock worth $97,444,000 after buying an additional 149,200 shares in the last quarter. Institutional investors and hedge funds own 87.75% of the company’s stock.

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