Biogen Inc. (NASDAQ:BIIB) - Equities research analysts at Leerink Swann increased their FY2019 EPS estimates for Biogen in a research note issued to investors on Monday. Leerink Swann analyst G. Porges now forecasts that the biotechnology company will post earnings per share of $23.60 for the year, up from their previous forecast of $23.18. Leerink Swann has a “Market Perform” rating on the stock. Leerink Swann also issued estimates for Biogen’s FY2020 earnings at $24.43 EPS and FY2021 earnings at $24.04 EPS.
A number of other equities research analysts also recently weighed in on BIIB. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $310.17 price target for the company in a research report on Monday, March 20th. Mizuho reiterated a “neutral” rating and issued a $290.00 price target on shares of Biogen in a research report on Wednesday, March 22nd. Robert W. Baird reiterated a “neutral” rating and issued a $290.00 price target on shares of Biogen in a research report on Wednesday, March 29th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Biogen in a research report on Wednesday, March 29th. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $296.00 price target on shares of Biogen in a research report on Monday, April 3rd. Thirteen equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $325.48.
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Biogen (BIIB) traded up 0.16% during midday trading on Tuesday, hitting $283.09. The stock had a trading volume of 618,040 shares. Biogen has a 1-year low of $234.11 and a 1-year high of $307.76. The company’s 50 day moving average is $259.24 and its 200 day moving average is $274.78. The company has a market cap of $60.05 billion, a price-to-earnings ratio of 17.73 and a beta of 0.77.
Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, April 25th. The biotechnology company reported $5.20 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.23. Biogen had a return on equity of 38.17% and a net margin of 30.17%. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.73 billion. During the same period in the prior year, the company posted $4.79 EPS. The company’s revenue was up 3.1% compared to the same quarter last year.
In other news, Director Alexander J. Denner bought 73,858 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The shares were acquired at an average price of $278.50 per share, for a total transaction of $20,569,453.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul J. Clancy sold 9,892 shares of the business’s stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $290.00, for a total transaction of $2,868,680.00. Following the completion of the transaction, the vice president now owns 10,813 shares in the company, valued at approximately $3,135,770. The disclosure for this sale can be found here. 0.32% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Biogen during the fourth quarter valued at about $603,929,000. Infrastructure Capital Advisors LLC purchased a new position in Biogen during the fourth quarter valued at about $1,137,000. Sowell Financial Services LLC bought a new position in shares of Biogen during the fourth quarter valued at $220,000. Assenagon Asset Management S.A. bought a new position in shares of Biogen during the fourth quarter valued at $23,022,000. Finally, Putnam Investments LLC raised its position in shares of Biogen by 11.8% in the fourth quarter. Putnam Investments LLC now owns 810,545 shares of the biotechnology company’s stock valued at $229,854,000 after buying an additional 85,492 shares in the last quarter. Institutional investors and hedge funds own 87.47% of the company’s stock.
About Biogen
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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