Biogen (BIIB) Price Target Cut to $318.00

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Biogen (NASDAQ:BIIB) had its price target lowered by research analysts at Royal Bank of Canada from $337.00 to $318.00 in a research report issued on Tuesday, The Fly reports. The brokerage presently has a “fair value” rating on the biotechnology company’s stock. Royal Bank of Canada’s price target indicates a potential downside of 1.10% from the stock’s current price.

Several other research analysts have also weighed in on BIIB. Oppenheimer set a $400.00 price objective on shares of Biogen and gave the stock a “buy” rating in a research note on Friday, October 19th. Sanford C. Bernstein lowered shares of Biogen from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $373.00 to $341.00 in a research note on Friday, October 19th. BidaskClub lowered shares of Biogen from a “buy” rating to a “hold” rating in a research note on Friday, October 19th. Mizuho set a $427.00 price target on shares of Biogen and gave the company a “buy” rating in a research note on Tuesday, October 23rd. Finally, Raymond James set a $400.00 price target on shares of Biogen and gave the company a “buy” rating in a research note on Tuesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Biogen currently has an average rating of “Buy” and an average target price of $378.73.

Biogen stock opened at $321.54 on Tuesday. The stock has a market cap of $62.33 billion, a PE ratio of 12.27, a PEG ratio of 1.06 and a beta of 1.13. Biogen has a fifty-two week low of $249.17 and a fifty-two week high of $388.67. The company has a current ratio of 2.32, a quick ratio of 2.04 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, January 29th. The biotechnology company reported $6.99 earnings per share for the quarter, topping the consensus estimate of $6.72 by $0.27. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.39 billion. Biogen had a net margin of 32.94% and a return on equity of 40.53%. Biogen’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $5.26 EPS. Research analysts expect that Biogen will post 28.67 EPS for the current fiscal year.

In other Biogen news, Director Alexander J. Denner acquired 30,000 shares of the business’s stock in a transaction on Wednesday, January 30th. The stock was purchased at an average price of $324.86 per share, with a total value of $9,745,800.00. Following the acquisition, the director now directly owns 10,909 shares of the company’s stock, valued at approximately $3,543,897.74. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alexander J. Denner acquired 7,000 shares of the business’s stock in a transaction on Friday, February 1st. The stock was acquired at an average cost of $328.45 per share, with a total value of $2,299,150.00. Following the acquisition, the director now directly owns 10,909 shares in the company, valued at $3,583,061.05. The disclosure for this purchase can be found here. Insiders own 0.29% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. BTIM Corp. boosted its holdings in Biogen by 132.0% in the 4th quarter. BTIM Corp. now owns 6,054 shares of the biotechnology company’s stock valued at $1,822,000 after purchasing an additional 3,445 shares during the period. National Asset Management Inc. lifted its holdings in shares of Biogen by 120.6% during the 3rd quarter. National Asset Management Inc. now owns 1,899 shares of the biotechnology company’s stock worth $672,000 after acquiring an additional 1,038 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Biogen by 2,188.6% during the 3rd quarter. Acadian Asset Management LLC now owns 122,418 shares of the biotechnology company’s stock worth $43,254,000 after acquiring an additional 117,069 shares during the period. Jackson Square Partners LLC lifted its holdings in shares of Biogen by 5.7% during the 3rd quarter. Jackson Square Partners LLC now owns 2,241,778 shares of the biotechnology company’s stock worth $792,042,000 after acquiring an additional 121,072 shares during the period. Finally, First Hawaiian Bank lifted its holdings in shares of Biogen by 1.0% during the 4th quarter. First Hawaiian Bank now owns 12,388 shares of the biotechnology company’s stock worth $3,728,000 after acquiring an additional 128 shares during the period. 93.97% of the stock is owned by hedge funds and other institutional investors.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

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