Biogen Inc. (NASDAQ:BIIB) had its price target reduced by investment analysts at BMO Capital Markets from $328.00 to $284.70 in a report issued on Wednesday. The firm currently has a “market perform” rating on the biotechnology company’s stock. BMO Capital Markets’ price target indicates a potential downside of 3.69% from the stock’s previous close.
A number of other research analysts have also weighed in on BIIB. Robert W. Baird reaffirmed a “neutral” rating and set a $290.00 price objective on shares of Biogen in a report on Wednesday, March 29th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Biogen in a research report on Wednesday, March 29th. Mizuho reiterated a “neutral” rating and set a $290.00 target price on shares of Biogen in a research report on Monday, April 3rd. Credit Suisse Group reiterated a “neutral” rating and set a $296.00 target price on shares of Biogen in a research report on Monday, April 3rd. Finally, Leerink Swann set a $300.00 target price on Biogen and gave the stock a “hold” rating in a research report on Monday, April 3rd. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $327.49.
Shares of Biogen (BIIB) traded up 4.47% on Wednesday, hitting $295.61. The stock had a trading volume of 2,954,568 shares. Biogen has a 12 month low of $244.28 and a 12 month high of $307.76. The firm has a 50 day moving average of $270.82 and a 200 day moving average of $273.59. The stock has a market cap of $62.70 billion, a P/E ratio of 18.51 and a beta of 0.78.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. Biogen had a return on equity of 38.17% and a net margin of 30.17%. The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the company posted $5.21 earnings per share. Biogen’s quarterly revenue was up 6.4% on a year-over-year basis. On average, equities analysts forecast that Biogen will post $20.96 earnings per share for the current fiscal year.
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In related news, Director Alexander J. Denner bought 73,858 shares of the stock in a transaction dated Thursday, April 27th. The stock was acquired at an average price of $278.50 per share, for a total transaction of $20,569,453.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian S. Posner sold 1,084 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $256.31, for a total value of $277,840.04. Following the completion of the sale, the director now owns 6,330 shares of the company’s stock, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Ibex Wealth Advisors bought a new stake in Biogen during the fourth quarter worth about $651,000. HighPoint Advisor Group LLC bought a new stake in Biogen during the fourth quarter worth about $259,000. Auxier Asset Management raised its stake in Biogen by 11.8% in the fourth quarter. Auxier Asset Management now owns 25,305 shares of the biotechnology company’s stock worth $7,176,000 after buying an additional 2,670 shares during the period. Kentucky Retirement Systems bought a new stake in Biogen during the fourth quarter worth about $4,477,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Biogen during the fourth quarter worth about $1,998,000. Institutional investors and hedge funds own 87.50% of the company’s stock.
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).
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