Biogen (BIIB) Given New $350.00 Price Target at Canaccord Genuity

Biogen (NASDAQ:BIIB) had its price objective raised by Canaccord Genuity from $340.00 to $350.00 in a report published on Wednesday, January 24th, Marketbeat.com reports. Canaccord Genuity currently has a hold rating on the biotechnology company’s stock.

A number of other brokerages have also weighed in on BIIB. Citigroup reissued an outperform rating and issued a $380.00 price target (up previously from $350.00) on shares of Biogen in a report on Tuesday, January 16th. Mizuho set a $400.00 target price on shares of Biogen and gave the stock a buy rating in a report on Thursday, January 18th. Cantor Fitzgerald reaffirmed a hold rating and set a $279.00 target price on shares of Biogen in a report on Tuesday, October 24th. Royal Bank of Canada reaffirmed a hold rating and set a $315.00 target price on shares of Biogen in a report on Thursday, October 5th. Finally, Oppenheimer set a $350.00 target price on shares of Biogen and gave the stock a buy rating in a report on Tuesday, November 28th. Eight analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $368.99.

Shares of Biogen (NASDAQ BIIB) opened at $316.78 on Wednesday. The company has a quick ratio of 2.07, a current ratio of 2.34 and a debt-to-equity ratio of 0.47. The firm has a market cap of $67,018.93, a P/E ratio of 26.58, a P/E/G ratio of 1.65 and a beta of 0.75. Biogen has a fifty-two week low of $244.28 and a fifty-two week high of $370.57.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, January 25th. The biotechnology company reported $5.26 earnings per share for the quarter, missing analysts’ consensus estimates of $5.44 by ($0.18). The company had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.08 billion. Biogen had a net margin of 20.69% and a return on equity of 38.32%. The business’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the business earned $5.04 EPS. research analysts expect that Biogen will post 24.88 EPS for the current year.

In related news, Director Robert W. Pangia sold 5,832 shares of the business’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $329.65, for a total value of $1,922,518.80. Following the sale, the director now directly owns 23,539 shares of the company’s stock, valued at approximately $7,759,631.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alexander J. Denner acquired 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was bought at an average cost of $317.36 per share, for a total transaction of $9,520,800.00. Following the completion of the transaction, the director now directly owns 10,029 shares in the company, valued at approximately $3,182,803.44. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 31,560 shares of company stock worth $10,020,858. Insiders own 0.25% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Harel Insurance Investments & Financial Services Ltd. lifted its position in Biogen by 77.0% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 400 shares of the biotechnology company’s stock valued at $127,000 after acquiring an additional 174 shares in the last quarter. Horan Capital Advisors LLC. bought a new stake in Biogen in the 3rd quarter valued at $128,000. Atlantic Trust LLC bought a new stake in Biogen during the 2nd quarter worth about $114,000. Massey Quick Simon & CO. LLC lifted its position in Biogen by 84.8% during the 3rd quarter. Massey Quick Simon & CO. LLC now owns 425 shares of the biotechnology company’s stock worth $133,000 after buying an additional 195 shares in the last quarter. Finally, Cable Hill Partners LLC lifted its position in Biogen by 224.7% during the 3rd quarter. Cable Hill Partners LLC now owns 487 shares of the biotechnology company’s stock worth $152,000 after buying an additional 337 shares in the last quarter. 88.11% of the stock is currently owned by institutional investors and hedge funds.

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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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