Biogen Inc Receives a Hold from Cantor Fitzgerald

By Jason Carr

Cantor Fitzgerald analyst William Tanner reiterated a Hold rating on Biogen Inc (NASDAQ: BIIB) yesterday and set a price target of $277. The company’s shares closed yesterday at $253.33.

Tanner wrote:

“A German patient treated for three years with Tysabri and then with a single dose of Ocrevus developed PML.”

According to TipRanks.com, Tanner is a 4-star analyst with an average return of 5.6% and a 51.9% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Supernus Pharmaceuticals, Intra-Cellular Therapies, and Aquinox Pharmaceuticals.

Currently, the analyst consensus on Biogen Inc is Moderate Buy and the average price target is $327.87, representing a 29.4% upside.

In a report issued on May 9, Jefferies also reiterated a Hold rating on the stock with a $281 price target.

Based on Biogen Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $2.48 billion and quarterly net profit of $748 million. In comparison, last year the company earned revenue of $2.41 billion and had a net profit of $971 million.

Based on the recent corporate insider activity of 37 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. Earlier this month, Alexander Denner, a Director at BIIB bought 73,858 shares for a total of $20,569,476.

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.