Biogen (NASDAQ:BIIB) Price Target Raised to $296.00

Biogen (NASDAQ:BIIB) had its price target hoisted by equities research analysts at Stifel Nicolaus from $236.00 to $296.00 in a report released on Tuesday, The Fly reports. The firm currently has a “hold” rating on the biotechnology company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 5.75% from the company’s current price.

Several other research analysts have also recently issued reports on BIIB. Oppenheimer set a $280.00 price objective on Biogen and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Piper Jaffray Companies reissued a “hold” rating on shares of Biogen in a research note on Friday, July 26th. BidaskClub lowered Biogen from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Morgan Stanley upped their target price on Biogen from $211.00 to $212.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Finally, ValuEngine upgraded Biogen from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Five analysts have rated the stock with a sell rating, nineteen have given a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $291.40.

Shares of NASDAQ:BIIB traded down $1.96 during mid-day trading on Tuesday, reaching $279.91. The stock had a trading volume of 1,838,148 shares, compared to its average volume of 1,845,768. The company has a current ratio of 2.46, a quick ratio of 2.22 and a debt-to-equity ratio of 0.49. The company has a market cap of $41.23 billion, a P/E ratio of 10.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.02. Biogen has a 1 year low of $215.77 and a 1 year high of $344.00. The business’s 50 day moving average price is $229.69 and its 200 day moving average price is $231.20.

Biogen (NASDAQ:BIIB) last posted its earnings results on Tuesday, October 22nd. The biotechnology company reported $9.17 EPS for the quarter, topping analysts’ consensus estimates of $8.27 by $0.90. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.53 billion. Biogen had a return on equity of 44.89% and a net margin of 37.62%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $7.40 earnings per share. Analysts predict that Biogen will post 32.38 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. Central Bank & Trust Co. raised its stake in Biogen by 5.0% in the 3rd quarter. Central Bank & Trust Co. now owns 9,355 shares of the biotechnology company’s stock worth $2,177,000 after acquiring an additional 448 shares during the last quarter. Clarius Group LLC raised its stake in Biogen by 19.6% in the 3rd quarter. Clarius Group LLC now owns 1,115 shares of the biotechnology company’s stock worth $260,000 after acquiring an additional 183 shares during the last quarter. Essex Investment Management Co. LLC purchased a new position in Biogen in the 3rd quarter worth $2,142,000. Prospera Financial Services Inc purchased a new position in Biogen in the 3rd quarter worth $617,000. Finally, Horan Capital Advisors LLC. purchased a new position in Biogen in the 3rd quarter worth $47,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.

Biogen Company Profile

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

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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