Biogen Inc (BIIB) Receives a Buy from Cowen & Co.

By Ryan Adsit

Cowen & Co. analyst Phil Nadeau maintained a Buy rating on Biogen Inc (BIIBResearch Report) today and set a price target of $275. The company’s shares opened today at $237.33, close to its 52-week low of $216.12.

According to TipRanks.com, Nadeau is a 4-star analyst with an average return of 4.8% and a 45.3% success rate. Nadeau covers the Healthcare sector, focusing on stocks such as BioMarin Pharmaceutical Inc., Phasebio Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.

Currently, the analyst consensus on Biogen Inc is a Hold with an average price target of $254.60, representing a 7.3% upside. In a report issued on July 24, H.C. Wainwright also maintained a Buy rating on the stock with a $300 price target.

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Based on Biogen Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.21 billion and net profit of $1.49 billion. In comparison, last year the company earned revenue of $3 billion and had a net profit of $867 million.

Based on the recent corporate insider activity of 44 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.

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.