Biogen Inc. (NASDAQ:BIIB) had its target price lifted by analysts at Bank of America Corporation from $358.00 to $365.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Bank of America Corporation’s target price points to a potential upside of 5.93% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Vetr cut shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $319.53 target price on the stock. in a research note on Tuesday, August 29th. ValuEngine raised shares of Biogen from a “hold” rating to a “buy” rating in a research note on Thursday, June 22nd. Cowen and Company reissued an “outperform” rating and set a $271.00 target price on shares of Biogen in a research note on Monday, July 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $315.00 target price on shares of Biogen in a research note on Thursday, October 5th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $310.00 target price on shares of Biogen in a research note on Tuesday, July 11th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $340.67.

Shares of Biogen (NASDAQ BIIB) traded up 0.03% during mid-day trading on Wednesday, hitting $344.58. 1,247,013 shares of the stock traded hands. The firm’s 50 day moving average price is $319.52 and its 200-day moving average price is $283.51. Biogen has a 12-month low of $244.28 and a 12-month high of $348.84. The stock has a market cap of $72.85 billion, a P/E ratio of 22.61 and a beta of 0.77.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter last year, the company earned $5.21 EPS. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts predict that Biogen will post $21.62 earnings per share for the current year.

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In related news, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the transaction, the executive vice president now owns 22,258 shares of the company’s stock, valued at $6,455,042.58. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Beacon Trust Co. raised its position in Biogen by 0.5% during the first quarter. Beacon Trust Co. now owns 1,135 shares of the biotechnology company’s stock valued at $328,000 after acquiring an additional 6 shares in the last quarter. Guardian Life Insurance Co. of America raised its position in Biogen by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 839 shares of the biotechnology company’s stock valued at $229,000 after acquiring an additional 6 shares in the last quarter. Carroll Financial Associates Inc. raised its position in Biogen by 1.2% during the second quarter. Carroll Financial Associates Inc. now owns 496 shares of the biotechnology company’s stock valued at $134,000 after acquiring an additional 6 shares in the last quarter. Buckingham Capital Management Inc. raised its position in Biogen by 0.3% during the first quarter. Buckingham Capital Management Inc. now owns 2,452 shares of the biotechnology company’s stock valued at $670,000 after acquiring an additional 8 shares in the last quarter. Finally, RMB Capital Management LLC raised its position in Biogen by 1.1% during the first quarter. RMB Capital Management LLC now owns 814 shares of the biotechnology company’s stock valued at $223,000 after acquiring an additional 9 shares in the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

About Biogen

Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).

Analyst Recommendations for Biogen (NASDAQ:BIIB)

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