Biogen Inc. (BIIB) Given a $322.00 Price Target at Credit Suisse Group AG
Credit Suisse Group AG set a $322.00 price objective on Biogen Inc. (NASDAQ:BIIB) in a research report released on Thursday morning. The brokerage currently has a hold rating on the biotechnology company’s stock.
Other research analysts have also issued reports about the company. Leerink Swann lowered their price target on Biogen to $355.00 in a research report on Friday. Zacks Investment Research upgraded Biogen from a hold rating to a buy rating and set a $321.00 target price for the company in a report on Wednesday, July 27th. Morgan Stanley reiterated a buy rating and issued a $385.00 target price on shares of Biogen in a report on Wednesday, August 3rd. Jefferies Group reiterated a buy rating and issued a $319.00 target price on shares of Biogen in a report on Thursday, August 4th. Finally, Vetr upgraded Biogen from a hold rating to a buy rating and set a $326.73 target price for the company in a report on Tuesday, August 30th. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $339.38.
Shares of Biogen (NASDAQ:BIIB) traded down 0.24% on Thursday, hitting $305.20. The stock had a trading volume of 741,587 shares. The stock has a 50 day moving average price of $299.88 and a 200-day moving average price of $287.26. Biogen has a 12-month low of $223.02 and a 12-month high of $333.65. The company has a market cap of $66.40 billion, a price-to-earnings ratio of 17.26 and a beta of 0.75.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 EPS for the quarter, topping the consensus estimate of $4.97 by $0.22. Biogen had a return on equity of 40.02% and a net margin of 34.03%. The business earned $2.96 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same period last year, the business posted $4.48 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis. On average, equities analysts expect that Biogen will post $20.22 earnings per share for the current year.
In other Biogen news, Director Caroline Dorsa sold 27,570 shares of the business’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 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 Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Adriana Karaboutis sold 262 shares of the business’s 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 transaction, the executive vice president now owns 7,579 shares of the company’s stock, valued at $2,364,193.26. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of BIIB. Price T Rowe Associates Inc. MD increased its position in shares of Biogen by 19.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 7,610,028 shares of the biotechnology company’s stock valued at $2,382,167,000 after buying an additional 1,243,876 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Biogen during the third quarter valued at $222,430,000. Causeway Capital Management LLC acquired a new position in shares of Biogen during the second quarter valued at $135,200,000. UBS Asset Management Americas Inc. increased its position in shares of Biogen by 34.3% in the third quarter. UBS Asset Management Americas Inc. now owns 1,529,045 shares of the biotechnology company’s stock valued at $478,636,000 after buying an additional 390,906 shares during the period. Finally, Eaton Vance Management increased its position in shares of Biogen by 245.1% in the second quarter. Eaton Vance Management now owns 435,620 shares of the biotechnology company’s stock valued at $105,342,000 after buying an additional 309,401 shares during the period. Institutional investors own 87.75% 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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