Biogen (NASDAQ:BIIB) Price Target Lowered to $220.00 at Canaccord Genuity Group

Biogen (NASDAQ:BIIB) had its target price trimmed by Canaccord Genuity Group from $265.00 to $220.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other equities analysts have also commented on the company. BMO Capital Markets reduced their price objective on Biogen from $156.00 to $139.00 and set a “market perform” rating on the stock in a research note on Thursday, February 13th. Royal Bank of Canada increased their price objective on shares of Biogen from $221.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, April 22nd. Scotiabank dropped their target price on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 13th. The Goldman Sachs Group decreased their price target on shares of Biogen from $219.00 to $197.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Finally, HC Wainwright dropped their price objective on shares of Biogen from $241.00 to $187.00 and set a “buy” rating for the company in a research report on Friday. Twenty analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $195.85.

Biogen Stock Up 2.2 %

Shares of NASDAQ:BIIB opened at $123.53 on Friday. The company has a market capitalization of $18.08 billion, a PE ratio of 11.04, a P/E/G ratio of 1.51 and a beta of 0.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company’s fifty day moving average is $130.58 and its 200-day moving average is $146.45. Biogen has a 52 week low of $110.04 and a 52 week high of $238.00.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $3.67 EPS. Equities research analysts predict that Biogen will post 15.83 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its position in Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. Norges Bank acquired a new stake in shares of Biogen in the 4th quarter valued at about $355,569,000. Van ECK Associates Corp boosted its position in shares of Biogen by 977.9% during the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock worth $163,083,000 after buying an additional 967,523 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Biogen by 1,663.4% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company’s stock worth $106,813,000 after buying an additional 736,301 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock worth $325,537,000 after buying an additional 499,074 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer’s disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.