Biogen (NASDAQ:BIIB)‘s stock had its “hold” rating reaffirmed by equities research analysts at Canaccord Genuity in a research note issued on Wednesday. They currently have a $350.00 price target on the biotechnology company’s stock. Canaccord Genuity’s price objective indicates a potential upside of 7.07% from the stock’s previous close.
Other research analysts have also recently issued research reports about the stock. SunTrust Banks restated a “buy” rating and set a $354.00 target price on shares of Biogen in a report on Tuesday, October 24th. BMO Capital Markets restated a “buy” rating on shares of Biogen in a report on Thursday, January 25th. HC Wainwright restated a “buy” rating and set a $340.00 target price on shares of Biogen in a report on Wednesday, October 25th. JPMorgan Chase & Co. set a $378.00 target price on shares of Biogen and gave the stock a “buy” rating in a report on Thursday, January 25th. Finally, Royal Bank of Canada increased their target price on shares of Biogen to $347.00 and gave the stock a “sector perform” rating in a report on Friday, January 26th. Eight analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $369.03.
Biogen (NASDAQ BIIB) traded down $5.97 during trading on Wednesday, hitting $326.89. 1,214,922 shares of the stock traded hands, compared to its average volume of 1,230,000. The firm has a market capitalization of $69,130.00, a PE ratio of 27.45, a PEG ratio of 1.71 and a beta of 0.75. Biogen has a 12 month low of $244.28 and a 12 month high of $370.57. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.34 and a quick ratio of 2.07.
In related news, CEO Michel Vounatsos acquired 780 shares of the company’s stock in a transaction dated Friday, December 29th. The shares were bought at an average cost of $320.55 per share, with a total value of $250,029.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $1,922,518.80. Following the completion of the transaction, the director now directly owns 23,539 shares in the company, valued at $7,759,631.35. The disclosure for this sale can be found here. Insiders bought 31,560 shares of company stock worth $10,020,858 over the last three months. Insiders own 0.25% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of BIIB. Ameriprise Financial Inc. raised its position in shares of Biogen by 35.1% in the third quarter. Ameriprise Financial Inc. now owns 2,309,394 shares of the biotechnology company’s stock valued at $723,142,000 after purchasing an additional 600,384 shares during the period. Bank of New York Mellon Corp increased its position in Biogen by 24.0% during 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 acquiring an additional 450,207 shares during the period. Assenagon Asset Management S.A. bought a new position in Biogen during the third quarter worth about $123,494,000. Jackson Square Partners LLC increased its position in Biogen by 9.3% during the third quarter. Jackson Square Partners LLC now owns 2,249,253 shares of the biotechnology company’s stock worth $704,286,000 after acquiring an additional 191,526 shares during the period. Finally, Schroder Investment Management Group increased its position in Biogen by 61.9% during the third quarter. Schroder Investment Management Group now owns 495,471 shares of the biotechnology company’s stock worth $153,596,000 after acquiring an additional 189,501 shares during the period. 88.11% of the stock is currently owned by institutional investors.
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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