Morgan Stanley Downgrades Biogen Inc to Hold

By Jason Carr

In a report released today, Matthew Harrison from Morgan Stanley downgraded Biogen Inc (NASDAQ: BIIB) to Hold, with a price target of $305. The company’s shares closed yesterday at $292.64, close to its 52-week high of $307.33.

According to TipRanks.com, Harrison is a 4-star analyst with an average return of 11.5% and a 63.1% success rate. Harrison covers the Healthcare sector, focusing on stocks such as DBV Technologies SA – American, Syndax Pharmaceuticals Inc, and Achillion Pharmaceuticals.

Currently, the analyst consensus on Biogen Inc is Moderate Buy and the average price target is $322.56, representing a 10.2% upside.

In a report issued on March 3, Jefferies also reiterated a Hold rating on the stock with a $289 price target.

Biogen Inc’s market cap is currently $63.14B and has a P/E ratio of 17.30. The company has a book value ratio of 5.2043.

Based on the recent corporate insider activity of 39 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. Most recently, in October 2015, Alexander Denner, a Director at BIIB bought 310,000 shares for a total of $86,015,000.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.