Biogen Inc was Upgraded to a Buy Rating at Leerink Swann

By Austin Angelo

Biogen Inc (NASDAQ: BIIB) received a Buy rating from Leerink Swann analyst Geoff Porges today. The company’s shares opened today at $290.64.

According to TipRanks.com, Porges is ranked 0 out of 5 stars with an average return of -7.4% and a 13.6% success rate. Porges covers the Healthcare sector, focusing on stocks such as Alexion Pharmaceuticals, Theravance Biopharma, and Johnson & Johnson.

Currently, the analyst consensus on Biogen Inc is Moderate Buy and the average price target is $348.67, representing a 20.0% upside.

In a report issued on October 26, Cowen & Co. also reiterated a Buy rating on the stock with a $368 price target.

Based on Biogen Inc’s latest earnings report from March 31, the company posted quarterly revenue of $2.73B and quarterly net profit of $970.9M. In comparison, last year the company earned revenue of $2.44B and had a net profit of $965.6M.

Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BIIB in relation to earlier this year. Last month, Alexander Denner, a Director at BIIB bought 310,000 shares for a total of $86,015,000.

Biogen, Inc. is a global biotechnology company, which focuses on discovering, developing, manufacturing and delivering therapies for neurological, autoimmune and hematologic disorders. Its products include AVONEX, PLEGRIDY, TECFIDERA, TYSABRI, and FAMPYRA for multiple sclerosis, ALPROLIX for hemophilia B and ELOCTATE for hemophilia A. The company also collaborates on the development and commercialization of RITUXAN for the treatment of non-Hodgkin’s lymphoma, chronic lymphocytic leukemia and other conditions and share profits and losses for GAZYVA which is approved for the treatment of chronic lymphocytic leukemia. Biogen was founded by Phillip Allen Sharp in 1978 and is headquartered in Cambridge, MA.