Oppenheimer Cuts Biogen (NASDAQ:BIIB) Price Target to $340.00

Biogen (NASDAQ:BIIB) had its price target decreased by equities researchers at Oppenheimer from $360.00 to $340.00 in a research note issued on Thursday, The Fly reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer’s price objective indicates a potential upside of 26.77% from the company’s current price. Oppenheimer also issued estimates for Biogen’s Q3 2020 earnings at $8.05 EPS, Q4 2020 earnings at $6.93 EPS, FY2020 earnings at $34.50 EPS, FY2023 earnings at $24.94 EPS and FY2024 earnings at $26.12 EPS.

A number of other equities analysts have also commented on the company. Morgan Stanley lifted their price objective on Biogen from $355.00 to $357.00 and gave the stock an “overweight” rating in a research note on Thursday. BMO Capital Markets dropped their price objective on Biogen from $317.00 to $280.00 and set a “market perform” rating on the stock in a research note on Thursday, July 23rd. SunTrust Banks reiterated a “buy” rating and issued a $330.00 price objective on shares of Biogen in a research note on Wednesday, July 8th. Raymond James reiterated a “sell” rating on shares of Biogen in a research note on Friday, July 31st. Finally, Bank of America lowered their price target on Biogen from $255.00 to $235.00 and set an “underperform” rating on the stock in a research note on Thursday, October 15th. Six analysts have rated the stock with a sell rating, sixteen have given a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $307.93.

Shares of NASDAQ:BIIB opened at $268.20 on Thursday. Biogen has a fifty-two week low of $257.60 and a fifty-two week high of $374.99. The business has a 50-day moving average of $277.82 and a two-hundred day moving average of $288.89. The stock has a market capitalization of $42.55 billion, a P/E ratio of 7.88, a P/E/G ratio of 1.55 and a beta of 0.54. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.46 and a quick ratio of 2.19.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 21st. The biotechnology company reported $8.84 earnings per share for the quarter, topping analysts’ consensus estimates of $8.06 by $0.78. Biogen had a return on equity of 50.10% and a net margin of 40.91%. The company had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.34 billion. During the same quarter in the previous year, the firm earned $9.17 earnings per share. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. As a group, research analysts expect that Biogen will post 34.55 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp lifted its holdings in Biogen by 0.4% during the 1st quarter. State Street Corp now owns 8,262,242 shares of the biotechnology company’s stock worth $2,614,008,000 after buying an additional 30,055 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Biogen during the 1st quarter worth $443,000. The Manufacturers Life Insurance Company lifted its holdings in Biogen by 15.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 196,232 shares of the biotechnology company’s stock worth $62,084,000 after buying an additional 26,782 shares in the last quarter. Bahl & Gaynor Inc. acquired a new position in Biogen during the 1st quarter worth $206,000. Finally, 1832 Asset Management L.P. acquired a new position in Biogen during the 1st quarter worth $13,911,000. 83.74% of the stock is currently owned by institutional investors and hedge funds.

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 multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

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