Biogen Inc. (BIIB) Price Target Cut to $316.00 by Analysts at Jefferies Group
Biogen Inc. (NASDAQ:BIIB) had its price objective reduced by Jefferies Group from $323.00 to $316.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “hold” rating on the biotechnology company’s stock. Jefferies Group’s target price suggests a potential upside of 3.41% from the company’s current price.
A number of other research firms have also recently commented on BIIB. Citigroup Inc. cut Biogen from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $345.00 to $295.00 in a report on Tuesday, June 7th. Leerink Swann reissued a “market perform” rating and issued a $319.00 price target on shares of Biogen in a report on Tuesday, June 7th. Piper Jaffray Cos. reissued a “hold” rating and issued a $293.00 price target on shares of Biogen in a report on Tuesday, June 7th. BMO Capital Markets reissued a “market perform” rating and issued a $287.00 price target on shares of Biogen in a report on Wednesday, June 8th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Biogen in a report on Wednesday, June 8th. Ten analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Biogen currently has an average rating of “Buy” and a consensus target price of $347.34.
Shares of Biogen (NASDAQ:BIIB) traded down 0.13% on Wednesday, reaching $305.59. 1,525,994 shares of the company’s stock were exchanged. The firm has a market cap of $66.96 billion, a PE ratio of 17.85 and a beta of 0.95. The company has a 50 day moving average price of $308.50 and a 200 day moving average price of $279.69. Biogen has a one year low of $223.02 and a one year high of $333.65.
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Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.69 by $0.52. The business earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the company posted $4.22 EPS. Analysts expect that Biogen will post $20.08 EPS for the current fiscal year.
In other news, Director Caroline Dorsa sold 27,570 shares of the stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total value of $8,656,980.00. Following the transaction, the director now directly owns 19,663 shares of the company’s stock, valued at $6,174,182. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George A. Scangos sold 157 shares of the stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the transaction, the chief executive officer now directly owns 54,779 shares in the company, valued at $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Howard Hughes Medical Institute bought a new stake in Biogen during the first quarter valued at approximately $135,000. Kings Point Capital Management bought a new stake in Biogen during the second quarter valued at approximately $145,000. North Star Asset Management Inc. bought a new stake in Biogen during the third quarter valued at approximately $207,000. Catawba Capital Management VA bought a new stake in Biogen during the third quarter valued at approximately $216,000. Finally, Signaturefd LLC raised its stake in Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares during the period. 86.21% of the stock is currently owned by institutional investors and hedge funds.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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