Canaccord Genuity Analysts Give Biogen (BIIB) a $340.00 Price Target

Biogen (NASDAQ:BIIB) has been assigned a $340.00 price objective by research analysts at Canaccord Genuity in a research report issued on Wednesday. The brokerage currently has a “hold” rating on the biotechnology company’s stock. Canaccord Genuity’s price target would indicate a potential upside of 1.96% from the company’s previous close.

A number of other brokerages also recently weighed in on BIIB. Bank of America lifted their price target on Biogen from $358.00 to $365.00 and gave the company a “buy” rating in a report on Wednesday, October 18th. Citigroup downgraded Biogen from a “buy” rating to a “neutral” rating in a report on Monday, October 23rd. Piper Jaffray Companies reiterated an “overweight” rating and set a $390.00 price target on shares of Biogen in a report on Monday, October 23rd. Stifel Nicolaus upgraded Biogen from a “hold” rating to a “buy” rating and lifted their price target for the company from $300.00 to $415.00 in a report on Tuesday, October 17th. Finally, Mizuho upgraded Biogen from a “neutral” rating to a “buy” rating and lifted their price target for the company from $319.00 to $400.00 in a report on Tuesday, October 17th. Eleven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $347.64.

Biogen (NASDAQ:BIIB) opened at $333.47 on Wednesday. Biogen has a twelve month low of $244.28 and a twelve month high of $348.84. The company has a current ratio of 2.19, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $69,157.17, a price-to-earnings ratio of 15.15, a PEG ratio of 2.04 and a beta of 0.73.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share for the quarter, beating analysts’ consensus estimates of $5.70 by $0.61. Biogen had a return on equity of 38.51% and a net margin of 29.44%. The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the company posted $5.19 earnings per share. Biogen’s revenue for the quarter was up 4.1% compared to the same quarter last year. analysts expect that Biogen will post 22.03 EPS for the current fiscal year.

In related news, Director Alexander J. Denner purchased 30,000 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was bought at an average price 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 approximately $3,182,803.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Biogen by 2.3% during the 2nd quarter. BlackRock Inc. now owns 18,107,358 shares of the biotechnology company’s stock worth $4,913,612,000 after acquiring an additional 415,099 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Biogen by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 14,534,827 shares of the biotechnology company’s stock worth $3,944,171,000 after acquiring an additional 182,337 shares in the last quarter. State Street Corp boosted its stake in shares of Biogen by 1.5% during the 2nd quarter. State Street Corp now owns 9,721,312 shares of the biotechnology company’s stock worth $2,637,973,000 after acquiring an additional 140,929 shares in the last quarter. FMR LLC boosted its stake in shares of Biogen by 10.1% during the 2nd quarter. FMR LLC now owns 6,104,026 shares of the biotechnology company’s stock worth $1,656,390,000 after acquiring an additional 561,436 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Biogen by 8.0% during the 2nd quarter. Northern Trust Corp now owns 3,017,136 shares of the biotechnology company’s stock worth $818,731,000 after acquiring an additional 223,371 shares in the last quarter. Institutional investors own 88.12% 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).

Analyst Recommendations for Biogen (NASDAQ:BIIB)