Biogen (BIIB) PT Raised to $347.00

Biogen (NASDAQ:BIIB) had its price objective increased by research analysts at Royal Bank of Canada to $347.00 in a research note issued to investors on Friday, The Fly reports. The firm presently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective indicates a potential downside of 3.47% from the stock’s previous close.

Several other analysts also recently issued reports on BIIB. Mizuho reaffirmed a “neutral” rating and issued a $319.00 price target on shares of Biogen in a report on Monday, October 2nd. Morgan Stanley raised shares of Biogen from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $311.00 to $375.00 in a report on Thursday, October 5th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, October 12th. Bank of America upped their price target on shares of Biogen from $358.00 to $365.00 and gave the company a “buy” rating in a report on Wednesday, October 18th. Finally, Citigroup downgraded shares of Biogen from a “buy” rating to a “neutral” rating in a report on Monday, October 23rd. Nine research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $362.17.

Shares of Biogen (NASDAQ BIIB) opened at $359.49 on Friday. Biogen has a fifty-two week low of $244.28 and a fifty-two week high of $361.79. The stock has a market cap of $73,276.78, a PE ratio of 21.69, a price-to-earnings-growth ratio of 1.96 and a beta of 0.72. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.19 and a quick ratio of 1.90.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, January 25th. The biotechnology company reported $5.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.44 by ($0.18). Biogen had a net margin of 29.44% and a return on equity of 38.51%. The business had revenue of $3.31 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the company earned $5.04 EPS. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. equities research analysts expect that Biogen will post 21.98 EPS for the current fiscal year.

In other Biogen news, Director Alexander J. Denner acquired 30,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The stock was bought at an average price of $317.36 per share, with a total value of $9,520,800.00. Following the completion of the transaction, the director now directly owns 10,029 shares of the company’s stock, valued at $3,182,803.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michel Vounatsos acquired 780 shares of the company’s stock in a transaction dated Saturday, December 29th. The stock was acquired at an average cost of $320.55 per share, with a total value of $250,029.00. Following the transaction, the chief executive officer now directly owns 4,879 shares of the company’s stock, valued at $1,563,963.45. The disclosure for this purchase can be found here. Insiders bought 31,560 shares of company stock valued at $10,020,858 in the last three months. Company insiders own 0.25% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in BIIB. M&T Bank Corp increased its position in shares of Biogen by 3.5% in the second quarter. M&T Bank Corp now owns 74,479 shares of the biotechnology company’s stock worth $20,210,000 after acquiring an additional 2,527 shares in the last quarter. Cibc World Markets Corp increased its position in shares of Biogen by 89.8% in the second quarter. Cibc World Markets Corp now owns 95,931 shares of the biotechnology company’s stock worth $26,032,000 after acquiring an additional 45,401 shares in the last quarter. Glenview Trust Co increased its position in shares of Biogen by 0.3% in the second quarter. Glenview Trust Co now owns 32,403 shares of the biotechnology company’s stock worth $8,793,000 after acquiring an additional 85 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Biogen by 1.0% in the second quarter. Nordea Investment Management AB now owns 341,783 shares of the biotechnology company’s stock worth $92,746,000 after acquiring an additional 3,525 shares in the last quarter. Finally, Roundview Capital LLC acquired a new stake in shares of Biogen in the second quarter worth $353,000. 88.18% of the stock is owned by institutional investors.

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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).