After Canaccord Genuity and Morgan Stanley gave Biogen (NASDAQ: BIIB) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Jay Olson assigned a Buy rating to Biogen today and set a price target of $340.00. The company’s shares closed last Wednesday at $268.91, close to its 52-week low of $257.60.
According to TipRanks.com, Olson is a 1-star analyst with an average return of -1.7% and a 39.9% success rate. Olson covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals, Madrigal Pharmaceuticals, and ACADIA Pharmaceuticals.
Biogen has an analyst consensus of Hold, with a price target consensus of $306.00, representing a 15.5% upside. In a report issued on October 13, Morgan Stanley also maintained a Buy rating on the stock with a $355.00 price target.
Based on Biogen’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.68 billion and net profit of $1.54 billion. In comparison, last year the company earned revenue of $3.62 billion and had a net profit of $1.49 billion.
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Biogen, Inc. is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis; SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of severe plaque psoriasis. The company was founded by Charles Weissmann, Heinz Schaller, Kenneth Murray, Walter Gilbert, and Phillip Allen Sharp in 1978 and is headquartered in Cambridge, MA.