Leerink Swann Cuts Biogen Inc. (BIIB) Price Target to $355.00
Biogen Inc. (NASDAQ:BIIB) had its price objective trimmed by Leerink Swann from $365.00 to $355.00 in a report published on Friday morning. The firm currently has an outperform rating on the biotechnology company’s stock.
BIIB has been the subject of a number of other reports. JPMorgan Chase & Co. reiterated a buy rating and issued a $386.00 price target on shares of Biogen in a research note on Friday, September 16th. Robert W. Baird reissued a neutral rating and issued a $284.00 target price on shares of Biogen in a report on Wednesday, August 10th. Jefferies Group reissued a buy rating and issued a $319.00 target price on shares of Biogen in a report on Thursday, August 4th. Vetr raised shares of Biogen from a buy rating to a strong-buy rating and set a $346.47 target price on the stock in a report on Monday, September 12th. Finally, Piper Jaffray Cos. set a $333.00 target price on shares of Biogen and gave the stock a hold rating in a report on Thursday, September 22nd. Ten research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Biogen currently has a consensus rating of Buy and an average price target of $338.60.
Shares of Biogen (NASDAQ:BIIB) opened at 302.77 on Friday. The company has a 50 day moving average price of $299.83 and a 200-day moving average price of $287.80. The firm has a market cap of $65.87 billion, a PE ratio of 17.12 and a beta of 0.75. Biogen has a 12-month low of $223.02 and a 12-month high of $333.65.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 EPS for the quarter, topping the Zacks’ consensus estimate of $4.97 by $0.22. The business earned $2.96 billion during the quarter, compared to the consensus estimate of $2.91 billion. Biogen had a return on equity of 40.02% and a net margin of 34.03%. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the firm earned $4.48 earnings per share. Analysts expect that Biogen will post $20.22 EPS for the current year.
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In related news, EVP Adriana Karaboutis sold 262 shares of Biogen stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total value of $81,728.28. Following the completion of the sale, the executive vice president now owns 7,579 shares of the company’s stock, valued at approximately $2,364,193.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Caroline Dorsa sold 27,570 shares of Biogen stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the completion of the sale, the director now directly owns 19,663 shares of the company’s stock, valued at approximately $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Assetmark Inc. raised its position in Biogen by 10.4% in the third quarter. Assetmark Inc. now owns 415 shares of the biotechnology company’s stock worth $130,000 after buying an additional 39 shares in the last quarter. Winfield Associates Inc. raised its position in Biogen by 10.0% in the third quarter. Winfield Associates Inc. now owns 440 shares of the biotechnology company’s stock worth $138,000 after buying an additional 40 shares in the last quarter. Balentine LLC raised its position in Biogen by 685.7% in the third quarter. Balentine LLC now owns 440 shares of the biotechnology company’s stock worth $138,000 after buying an additional 384 shares in the last quarter. Quadrant Capital Group LLC raised its position in Biogen by 7.8% in the third quarter. Quadrant Capital Group LLC now owns 470 shares of the biotechnology company’s stock worth $136,000 after buying an additional 34 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new position in Biogen during the third quarter worth $184,000. 86.43% of the stock is owned by institutional investors and hedge funds.
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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