Biogen Inc. (BIIB) Receives New Coverage from Analysts at Canaccord Genuity

Canaccord Genuity initiated coverage on shares of Biogen Inc. (NASDAQ:BIIB) in a research report sent to investors on Friday, October 27th, MarketBeat reports. The firm issued a hold rating and a $340.00 target price on the biotechnology company’s stock.

A number of other brokerages also recently commented on BIIB. Bank of America Corporation raised their target price on shares of Biogen from $358.00 to $365.00 and gave the company a buy rating in a research note on Wednesday, October 18th. Citigroup Inc. lowered shares of Biogen from a buy rating to a neutral rating in a report on Monday, October 23rd. Piper Jaffray Companies reaffirmed an overweight rating and set a $390.00 price target on shares of Biogen in a report on Monday, October 23rd. Stifel Nicolaus raised shares of Biogen from a hold rating to a buy rating and raised their price target for the company from $300.00 to $415.00 in a report on Tuesday, October 17th. Finally, Morgan Stanley reaffirmed a buy rating on shares of Biogen in a report on Tuesday, October 17th. Twelve research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $341.89.

Shares of Biogen (BIIB) opened at $308.88 on Friday. 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 $65,650.89, a P/E ratio of 14.38, a P/E/G ratio of 1.94 and a beta of 0.72. Biogen has a 1 year low of $244.28 and a 1 year high of $348.84.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.70 by $0.61. Biogen had a net margin of 29.44% and a return on equity of 38.51%. The company had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the firm posted $5.19 earnings per share. Biogen’s revenue was up 4.1% on a year-over-year basis. analysts forecast that Biogen will post 22.03 EPS for the current year.

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Several institutional investors have recently modified their holdings of BIIB. BlackRock Inc. lifted its stake in shares of Biogen by 2,762.0% in the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock worth $4,837,418,000 after buying an additional 17,074,075 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Biogen by 4,585.3% in the second quarter. Janus Henderson Group PLC now owns 1,445,560 shares of the biotechnology company’s stock worth $392,265,000 after buying an additional 1,414,707 shares during the last quarter. Janus Capital Management LLC lifted its stake in shares of Biogen by 204.8% in the first quarter. Janus Capital Management LLC now owns 1,936,719 shares of the biotechnology company’s stock worth $529,524,000 after buying an additional 1,301,251 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Biogen by 2,288.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,352,164 shares of the biotechnology company’s stock worth $369,709,000 after buying an additional 1,295,540 shares during the last quarter. Finally, Winslow Capital Management LLC acquired a new stake in shares of Biogen in the first quarter worth $345,143,000. Institutional investors and hedge funds own 88.35% of the company’s stock.

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).

Analyst Recommendations for Biogen (NASDAQ:BIIB)

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