Biogen Inc. (BIIB) Given New $316.00 Price Target at Jefferies Group
Biogen Inc. (NASDAQ:BIIB) had its price objective cut by Jefferies Group from $323.00 to $316.00 in a research report sent to investors on Wednesday morning. They currently have a hold rating on the biotechnology company’s stock.
A number of other brokerages also recently weighed in on BIIB. Vetr downgraded Biogen from a hold rating to a sell rating and set a $299.76 target price on the stock. in a report on Tuesday, August 2nd. Credit Suisse Group AG restated a hold rating and issued a $322.00 price objective on shares of Biogen in a report on Wednesday, August 3rd. Piper Jaffray Cos. restated a neutral rating on shares of Biogen in a report on Wednesday, August 3rd. Morgan Stanley restated a buy rating and issued a $385.00 price objective on shares of Biogen in a report on Wednesday, August 3rd. Finally, Zacks Investment Research upgraded Biogen from a hold rating to a buy rating and set a $352.00 price objective on the stock in a report on Friday, August 12th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $347.34.
Biogen (NASDAQ:BIIB) traded down 1.55% on Wednesday, hitting $304.90. 313,141 shares of the stock were exchanged. Biogen has a one year low of $223.02 and a one year high of $333.65. The company has a market cap of $66.81 billion, a P/E ratio of 17.81 and a beta of 0.95. The company’s 50 day moving average price is $308.94 and its 200-day moving average price is $279.14.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, beating analysts’ consensus estimates of $4.69 by $0.52. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The company earned $2.89 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the firm earned $4.22 earnings per share. The business’s quarterly revenue was up 11.7% on a year-over-year basis. Equities research analysts predict that Biogen will post $20.10 EPS for the current fiscal year.
In other news, Director Caroline Dorsa sold 27,570 shares of the firm’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total value of $8,656,980.00. Following the completion of the sale, the director now directly owns 19,663 shares in the company, valued at $6,174,182. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO George A. Scangos sold 157 shares of the firm’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now owns 54,779 shares of the company’s stock, valued at $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in BIIB. Baystate Wealth Management LLC raised its stake in shares of Biogen by 0.5% in the third quarter. Baystate Wealth Management LLC now owns 1,019 shares of the biotechnology company’s stock worth $319,000 after buying an additional 5 shares during the period. North Star Asset Management Inc. purchased a new stake in shares of Biogen during the third quarter worth approximately $207,000. Boltwood Capital Management raised its stake in shares of Biogen by 2.7% in the third quarter. Boltwood Capital Management now owns 2,100 shares of the biotechnology company’s stock worth $657,000 after buying an additional 55 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Biogen by 28.6% in the third quarter. BNP Paribas Arbitrage SA now owns 152,259 shares of the biotechnology company’s stock worth $47,662,000 after buying an additional 33,875 shares during the last quarter. Finally, Evercore Wealth Management LLC raised its stake in shares of Biogen by 3.2% in the second quarter. Evercore Wealth Management LLC now owns 4,473 shares of the biotechnology company’s stock worth $1,081,000 after buying an additional 138 shares during the last quarter. Institutional investors own 86.21% of the company’s stock.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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