Biogen (NASDAQ:BIIB) had its target price lifted by research analysts at SunTrust Banks to $392.00 in a research report issued to clients and investors on Friday, The Fly reports. The firm presently has a “buy” rating on the biotechnology company’s stock. SunTrust Banks’ price target suggests a potential upside of 6.55% from the company’s current price.
Several other analysts have also issued reports on the stock. Piper Jaffray Companies restated a “buy” rating and set a $390.00 price target on shares of Biogen in a research report on Monday, December 18th. Nomura upped their price target on shares of Biogen from $355.00 to $420.00 and gave the company a “buy” rating in a research report on Friday, December 22nd. Royal Bank of Canada restated a “hold” rating and set a $321.00 price target on shares of Biogen in a research report on Tuesday, December 5th. Canaccord Genuity initiated coverage on shares of Biogen in a research report on Friday, October 27th. They set a “hold” rating and a $340.00 price target for the company. Finally, BMO Capital Markets raised shares of Biogen from a “market perform” rating to an “outperform” rating and set a $377.00 price objective for the company in a research note on Wednesday, October 25th. 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. Biogen currently has an average rating of “Buy” and an average target price of $364.72.
Biogen (NASDAQ BIIB) traded up $14.17 during midday trading on Friday, reaching $367.91. 2,229,641 shares of the company’s stock traded hands, compared to its average volume of 1,180,000. The company has a current ratio of 2.19, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46. Biogen has a twelve month low of $244.28 and a twelve month high of $370.57. The stock has a market capitalization of $77,800.00, a price-to-earnings ratio of 30.89, a price-to-earnings-growth ratio of 1.96 and a beta of 0.73.
In related news, Director Robert W. Pangia sold 5,832 shares of the stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $329.65, for a total value of $1,922,518.80. Following the completion of the transaction, the director now directly owns 23,539 shares of the company’s stock, valued at $7,759,631.35. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michel Vounatsos purchased 780 shares of the firm’s stock in a transaction that occurred on Saturday, December 29th. The stock was bought at an average cost of $320.55 per share, with a total value of $250,029.00. Following the completion of the purchase, the chief executive officer now owns 4,879 shares of the company’s stock, valued at $1,563,963.45. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 31,560 shares of company stock valued at $10,020,858. 0.25% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in BIIB. Janus Henderson Group PLC raised its stake in Biogen by 4,585.3% in the second quarter. Janus Henderson Group PLC now owns 1,445,560 shares of the biotechnology company’s stock worth $392,265,000 after buying an additional 1,414,707 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Biogen by 35.1% in the third quarter. Ameriprise Financial Inc. now owns 2,309,394 shares of the biotechnology company’s stock worth $723,142,000 after buying an additional 600,384 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Biogen by 24.0% in the third quarter. Bank of New York Mellon Corp now owns 2,325,987 shares of the biotechnology company’s stock worth $728,314,000 after buying an additional 450,207 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Biogen in the third quarter worth about $123,494,000. Finally, Parametric Portfolio Associates LLC raised its stake in Biogen by 90.8% in the second quarter. Parametric Portfolio Associates LLC now owns 732,438 shares of the biotechnology company’s stock worth $198,754,000 after buying an additional 348,537 shares in the last quarter. 88.18% of the stock is owned by institutional investors.
WARNING: “SunTrust Banks Boosts Biogen (BIIB) Price Target to $392.00” was reported by American Market News and is owned by of American Market News. If you are reading this piece of content on another site, it was copied illegally and republished in violation of US & international trademark & copyright law. The correct version of this piece of content can be viewed at https://www.americanbankingnews.com/2018/01/26/suntrust-banks-boosts-biogen-biib-price-target-to-392-00.html.
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).
