Oppenheimer Increases Biogen (BIIB) Price Target to $400.00

Biogen (NASDAQ:BIIB) had its target price raised by research analysts at Oppenheimer from $380.00 to $400.00 in a research report issued on Friday. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Oppenheimer’s target price would suggest a potential upside of 8.72% from the company’s previous close. Oppenheimer also issued estimates for Biogen’s Q1 2018 earnings at $5.94 EPS, Q2 2018 earnings at $6.31 EPS, Q3 2018 earnings at $6.45 EPS, FY2018 earnings at $25.03 EPS and FY2019 earnings at $27.65 EPS.

A number of other analysts have also recently commented on BIIB. Cowen reissued a “buy” rating and issued a $408.00 price target on shares of Biogen in a research report on Friday. HC Wainwright reissued a “buy” rating and issued a $363.00 price target (up from $340.00) on shares of Biogen in a research report on Friday. Jefferies Group reissued a “hold” rating on shares of Biogen in a research report on Friday. Deutsche Bank reissued a “buy” rating and issued a $373.00 price target on shares of Biogen in a research report on Friday. Finally, Robert W. Baird reissued a “hold” rating on shares of Biogen in a research report on Thursday. Nine equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $364.72.

Shares of Biogen (BIIB) traded up $14.17 on Friday, hitting $367.91. The stock had a trading volume of 2,198,277 shares, compared to its average volume of 1,180,000. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.90 and a current ratio of 2.34. Biogen has a 12-month low of $244.28 and a 12-month high of $370.57. The company has a market cap of $80,920.00, a PE ratio of 30.89, a P/E/G ratio of 1.96 and a beta of 0.73.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, January 25th. The biotechnology company reported $5.26 EPS for the quarter, missing analysts’ consensus estimates of $5.44 by ($0.18). Biogen had a return on equity of 38.32% and a net margin of 20.69%. The company had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the firm earned $5.04 earnings per share. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. sell-side analysts forecast that Biogen will post 24.67 EPS for the current fiscal year.

In related news, Director Alexander J. Denner bought 30,000 shares of the firm’s stock in a transaction on Wednesday, November 29th. The stock was acquired at an average cost of $317.36 per share, for a total transaction of $9,520,800.00. Following the purchase, the director now owns 10,029 shares in the company, valued at $3,182,803.44. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michel Vounatsos bought 780 shares of the firm’s stock in a transaction on Friday, December 29th. The shares were bought at an average price of $320.55 per share, with a total value of $250,029.00. The disclosure for this purchase can be found here. Insiders purchased a total of 31,560 shares of company stock worth $10,020,858 over the last ninety days. 0.25% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. purchased a new stake in Biogen during the 3rd quarter valued at $123,494,000. Cambridge Investment Research Advisors Inc. raised its stake in Biogen by 9.6% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 5,948 shares of the biotechnology company’s stock valued at $1,862,000 after buying an additional 520 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in Biogen by 151.3% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 10,646 shares of the biotechnology company’s stock valued at $3,333,000 after buying an additional 6,409 shares during the last quarter. IFP Advisors Inc raised its stake in Biogen by 47.1% during the 3rd quarter. IFP Advisors Inc now owns 3,330 shares of the biotechnology company’s stock valued at $1,043,000 after buying an additional 1,066 shares during the last quarter. Finally, Bainco International Investors raised its stake in Biogen by 4.4% during the 3rd quarter. Bainco International Investors now owns 18,671 shares of the biotechnology company’s stock valued at $5,846,000 after buying an additional 790 shares during the last quarter. Institutional investors and hedge funds own 88.18% of the company’s stock.

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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).

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