Biogen (NASDAQ:BIIB) had its price objective increased by analysts at Canaccord Genuity from $340.00 to $350.00 in a research note issued to investors on Wednesday. The firm presently has a “hold” rating on the biotechnology company’s stock. Canaccord Genuity’s target price would indicate a potential upside of 0.94% from the company’s current price.
Other equities analysts have also issued reports about the stock. Citigroup reiterated an “outperform” rating and issued a $380.00 price target (up from $350.00) on shares of Biogen in a research report on Tuesday, January 16th. Mizuho reaffirmed a “buy” rating and set a $400.00 price target on shares of Biogen in a research note on Thursday, January 18th. Cantor Fitzgerald reissued a “hold” rating and issued a $279.00 target price on shares of Biogen in a research note on Tuesday, October 24th. Royal Bank of Canada reissued a “hold” rating and issued a $315.00 target price on shares of Biogen in a research note on Thursday, October 5th. Finally, Oppenheimer set a $350.00 price target on shares of Biogen and gave the stock a “buy” rating in a report on Tuesday, November 28th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $354.96.
Biogen (NASDAQ BIIB) traded down $0.89 during trading hours on Wednesday, reaching $346.75. 1,186,200 shares of the company’s stock traded hands, compared to its average volume of 1,215,013. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.90 and a current ratio of 2.19. The stock has a market cap of $72,910.00, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 1.97 and a beta of 0.73. Biogen has a 52-week low of $244.28 and a 52-week high of $354.28.
In other news, Director Robert W. Pangia sold 5,832 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $329.65, for a total transaction of $1,922,518.80. Following the completion of the sale, the director now owns 23,539 shares in the company, valued at $7,759,631.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander J. Denner purchased 30,000 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were bought at an average price of $317.36 per share, with a total value of $9,520,800.00. Following the purchase, the director now directly owns 10,029 shares of the company’s stock, valued at $3,182,803.44. The disclosure for this purchase can be found here. Insiders have bought 31,560 shares of company stock valued at $10,020,858 in the last 90 days. Company insiders own 0.25% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its position in shares of Biogen by 4,585.3% during the 2nd quarter. Janus Henderson Group PLC now owns 1,445,560 shares of the biotechnology company’s stock worth $392,265,000 after purchasing an additional 1,414,707 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Biogen by 35.1% during 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. FMR LLC raised its holdings in shares of Biogen by 10.1% during the second quarter. FMR LLC now owns 6,104,026 shares of the biotechnology company’s stock valued at $1,656,390,000 after purchasing an additional 561,436 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of 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 valued at $728,314,000 after purchasing an additional 450,207 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Biogen during the third quarter valued at about $123,494,000. Hedge funds and other institutional investors own 88.18% of the company’s stock.
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Biogen Company Profile
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).
