Biogen’s (BIIB) “Hold” Rating Reiterated at Cantor Fitzgerald
Biogen Inc. (NASDAQ:BIIB)‘s stock had its “hold” rating reiterated by research analysts at Cantor Fitzgerald in a report issued on Tuesday. They currently have a $279.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price objective would suggest a potential downside of 11.63% from the stock’s current price.
The analysts wrote, “MS franchise appears poised for modest negative growth. A tepid patient population growth rate combined with encroaching competition from new agents means existing franchise assets may have achieved peak revenues already, in our opinion.””
A number of other equities research analysts have also recently weighed in on BIIB. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $311.67 price objective on the stock in a research note on Tuesday, June 27th. Credit Suisse Group set a $300.00 price objective on shares of Biogen and gave the company a “hold” rating in a research note on Friday, July 14th. ValuEngine cut shares of Biogen from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Robert W. Baird restated a “hold” rating and set a $290.00 price objective on shares of Biogen in a research note on Friday, August 25th. Finally, Mizuho restated a “neutral” rating and set a $319.00 price objective (up from $274.00) on shares of Biogen in a research note on Wednesday, September 13th. Twelve investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $341.11.
Shares of Biogen (BIIB) traded down 3.90% during trading on Tuesday, reaching $315.73. 5,826,148 shares of the company’s stock traded hands. Biogen has a 1-year low of $244.28 and a 1-year high of $348.84. The company has a 50 day moving average of $324.86 and a 200-day moving average of $286.43. The company has a market capitalization of $66.76 billion, a price-to-earnings ratio of 20.72 and a beta of 0.77.
Biogen (NASDAQ:BIIB) last posted its earnings results on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.61 by $0.70. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the business posted $5.19 earnings per share. Equities analysts predict that Biogen will post $21.65 earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Pathstone Family Office LLC acquired a new position in Biogen during the first quarter valued at approximately $102,000. Prentiss Smith & Co. Inc. boosted its position in Biogen by 14.9% during the second quarter. Prentiss Smith & Co. Inc. now owns 385 shares of the biotechnology company’s stock valued at $104,000 after purchasing an additional 50 shares during the last quarter. Atlantic Trust LLC acquired a new position in Biogen during the second quarter valued at approximately $114,000. Independent Portfolio Consultants Inc. boosted its position in Biogen by 93.2% during the second quarter. Independent Portfolio Consultants Inc. now owns 454 shares of the biotechnology company’s stock valued at $123,000 after purchasing an additional 219 shares during the last quarter. Finally, Winfield Associates Inc. boosted its position in Biogen by 16.8% during the first quarter. Winfield Associates Inc. now owns 467 shares of the biotechnology company’s stock valued at $128,000 after purchasing an additional 67 shares during the last quarter. 87.47% of the stock is owned by hedge funds and other institutional investors.
Biogen Company Profile
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).
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