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

Biogen (NASDAQ:BIIB) received a $350.00 target price from equities research analysts at Canaccord Genuity in a research report issued on Tuesday, January 16th, Marketbeat reports. The firm currently has a “hold” rating on the biotechnology company’s stock. Canaccord Genuity’s target price would indicate a potential upside of 10.49% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. SunTrust Banks began coverage on Biogen in a research note on Wednesday, September 20th. They issued a “buy” rating and a $360.00 price target on the stock. Raymond James Financial cut Biogen from a “strong-buy” rating to a “market perform” rating and boosted their price target for the stock from $244.28 to $319.00 in a research note on Thursday, September 21st. HC Wainwright reiterated a “buy” rating and issued a $340.00 price target on shares of Biogen in a research note on Wednesday, October 25th. Royal Bank of Canada reiterated a “hold” rating and issued a $315.00 price target on shares of Biogen in a research note on Thursday, October 5th. Finally, Guggenheim began coverage on Biogen in a research note on Monday, October 23rd. They set a “buy” rating and a $402.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Biogen currently has an average rating of “Buy” and a consensus price target of $368.99.

Shares of Biogen (NASDAQ:BIIB) traded up $4.99 during midday trading on Tuesday, hitting $316.78. The stock had a trading volume of 2,009,303 shares, compared to its average volume of 1,318,431. Biogen has a 52 week low of $244.28 and a 52 week high of $370.57. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.34 and a quick ratio of 2.07. The stock has a market capitalization of $67,018.93, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 1.65 and a beta of 0.75.

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

In related news, Director Robert W. Pangia sold 5,832 shares of the stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $329.65, for a total value of $1,922,518.80. Following the completion of the transaction, the director now directly owns 23,539 shares of the company’s stock, valued at approximately $7,759,631.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michel Vounatsos acquired 780 shares of the firm’s stock in a transaction that occurred on Friday, December 29th. The stock was acquired at an average cost of $320.55 per share, with a total value of $250,029.00. The disclosure for this purchase can be found here. Insiders purchased a total of 31,560 shares of company stock valued at $10,020,858 over the last three months. Corporate insiders own 0.25% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pzena Investment Management LLC bought a new position in Biogen during the 4th quarter valued at $297,000. Dragon Financial & Investment Group LLC bought a new position in Biogen during the 4th quarter valued at $334,000. Alexandria Capital LLC boosted its stake in Biogen by 40,590.9% during the 4th quarter. Alexandria Capital LLC now owns 4,476 shares of the biotechnology company’s stock valued at $1,426,000 after purchasing an additional 4,465 shares in the last quarter. Comgest Global Investors S.A.S. boosted its stake in Biogen by 5.9% during the 4th quarter. Comgest Global Investors S.A.S. now owns 18,000 shares of the biotechnology company’s stock valued at $5,734,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Timber Hill LLC bought a new position in Biogen during the 4th quarter valued at $1,549,000. 88.11% of the stock is owned by hedge funds and other institutional investors.

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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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