Biogen (BIIB) Price Target Cut to $470.00

Biogen (NASDAQ:BIIB) had its price target dropped by analysts at Citigroup to $470.00 in a research report issued to clients and investors on Monday, The Fly reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price target would indicate a potential upside of 37.39% from the company’s current price.

Several other research firms have also issued reports on BIIB. Cantor Fitzgerald set a $293.00 price objective on Biogen and gave the company a “hold” rating in a research note on Wednesday, July 25th. UBS Group upped their price objective on Biogen from $354.00 to $395.00 and gave the company a “buy” rating in a research note on Thursday, July 26th. Barclays upped their price objective on Biogen from $295.00 to $320.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 25th. Robert W. Baird upped their price objective on Biogen from $323.00 to $348.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Finally, SunTrust Banks increased their target price on Biogen from $321.00 to $392.00 and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Eight investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $381.31.

NASDAQ:BIIB opened at $342.08 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.06 and a current ratio of 2.36. The company has a market capitalization of $71.17 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 1.36 and a beta of 0.86. Biogen has a 12-month low of $249.17 and a 12-month high of $388.67.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, July 24th. The biotechnology company reported $5.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.22 by $0.58. The firm had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.25 billion. Biogen had a return on equity of 38.17% and a net margin of 23.06%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.04 earnings per share. Equities research analysts predict that Biogen will post 25.34 EPS for the current fiscal year.

In other Biogen news, EVP Michael D. Ehlers sold 1,000 shares of the firm’s stock in a transaction on Wednesday, September 26th. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the transaction, the executive vice president now owns 4,281 shares in the company, valued at approximately $1,498,350. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Kaizen Advisory LLC increased its stake in Biogen by 145.8% during the 2nd quarter. Kaizen Advisory LLC now owns 499 shares of the biotechnology company’s stock worth $145,000 after acquiring an additional 296 shares during the period. Private Advisor Group LLC increased its stake in Biogen by 861.3% during the 2nd quarter. Private Advisor Group LLC now owns 22,426 shares of the biotechnology company’s stock worth $6,528,000 after acquiring an additional 20,093 shares during the period. First Interstate Bank boosted its holdings in shares of Biogen by 112.2% in the 2nd quarter. First Interstate Bank now owns 885 shares of the biotechnology company’s stock valued at $257,000 after purchasing an additional 468 shares in the last quarter. Greenwood Capital Associates LLC boosted its holdings in shares of Biogen by 29.5% in the 2nd quarter. Greenwood Capital Associates LLC now owns 14,737 shares of the biotechnology company’s stock valued at $4,277,000 after purchasing an additional 3,359 shares in the last quarter. Finally, Bailard Inc. boosted its holdings in shares of Biogen by 22.6% in the 2nd quarter. Bailard Inc. now owns 2,491 shares of the biotechnology company’s stock valued at $723,000 after purchasing an additional 460 shares in the last quarter. Hedge funds and other institutional investors own 87.46% of the company’s stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

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