Biogen Inc. (BIIB) Price Target Cut to $316.00 by Analysts at Jefferies Group
Biogen Inc. (NASDAQ:BIIB) had its price target lowered by equities researchers at Jefferies Group from $323.00 to $316.00 in a research report issued on Wednesday. The brokerage presently has a “hold” rating on the biotechnology company’s stock. Jefferies Group’s price objective suggests a potential upside of 1.45% from the company’s current price.
Other analysts have also recently issued research reports about the company. Vetr cut Biogen from a “hold” rating to a “sell” rating and set a $299.76 price objective for the company. in a research report on Tuesday, August 2nd. Credit Suisse Group AG reissued a “hold” rating and issued a $322.00 price objective on shares of Biogen in a research report on Wednesday, August 3rd. Piper Jaffray Cos. reissued a “neutral” rating on shares of Biogen in a research report on Wednesday, August 3rd. Morgan Stanley reissued a “buy” rating and issued a $385.00 price objective on shares of Biogen in a research report on Wednesday, August 3rd. Finally, Zacks Investment Research raised Biogen from a “hold” rating to a “buy” rating and set a $352.00 price objective for the company in a research report on Friday, August 12th. Eleven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $346.03.
Biogen (NASDAQ:BIIB) traded up 0.47% during mid-day trading on Wednesday, reaching $312.94. The company’s stock had a trading volume of 159,323 shares. Biogen has a one year low of $223.02 and a one year high of $333.65. The company has a market capitalization of $68.57 billion, a price-to-earnings ratio of 18.28 and a beta of 0.95. The stock has a 50-day moving average price of $309.05 and a 200-day moving average price of $278.92.
Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.69 by $0.52. The business had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the firm earned $4.22 EPS. Equities research analysts forecast that Biogen will post $20.10 EPS for the current year.
In other news, Director Caroline Dorsa sold 27,570 shares of the business’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the transaction, the director now directly owns 19,663 shares in the company, valued at approximately $6,174,182. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO George A. Scangos sold 157 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $280.00, for a total value of $43,960.00. Following the transaction, the chief executive officer now owns 54,779 shares in the company, valued at $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Howard Hughes Medical Institute bought a new position in shares of Biogen during the first quarter valued at $135,000. Kings Point Capital Management bought a new position in shares of Biogen during the second quarter valued at $145,000. Signaturefd LLC boosted its position in shares of Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares in the last quarter. Lakeview Capital Partners LLC bought a new position in shares of Biogen during the second quarter valued at $205,000. Finally, BLB&B Advisors LLC bought a new position in shares of Biogen during the second quarter valued at $206,000. Institutional investors and hedge funds own 86.21% of the company’s stock.
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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