Biogen (NASDAQ:BIIB - Free Report) had its price objective decreased by Canaccord Genuity Group from $298.00 to $265.00 in a research report released on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biotechnology company's stock.
BIIB has been the subject of a number of other research reports. Barclays reduced their target price on Biogen from $190.00 to $180.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. JPMorgan Chase & Co. reduced their price objective on Biogen from $220.00 to $210.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. StockNews.com cut Biogen from a "strong-buy" rating to a "buy" rating in a research note on Saturday, December 28th. Stifel Nicolaus cut shares of Biogen from a "buy" rating to a "hold" rating and set a $175.00 price target for the company. in a report on Monday, December 16th. Finally, Bank of America reiterated a "neutral" rating and issued a $178.00 price objective on shares of Biogen in a research note on Tuesday, December 10th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $211.96.
Get Our Latest Stock Report on Biogen
Biogen Trading Down 0.8 %
Shares of NASDAQ BIIB traded down $1.12 during mid-day trading on Thursday, hitting $137.33. 1,690,446 shares of the company traded hands, compared to its average volume of 1,234,164. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen has a 1 year low of $128.51 and a 1 year high of $238.00. The stock has a market capitalization of $20.01 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.65 and a beta of -0.08. The business has a 50 day moving average of $146.90 and a two-hundred day moving average of $172.71.
Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating analysts' consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. On average, sell-side analysts anticipate that Biogen will post 16.42 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Biogen
A number of institutional investors and hedge funds have recently bought and sold shares of BIIB. Pacer Advisors Inc. increased its holdings in shares of Biogen by 13,574.7% during the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the period. Norges Bank acquired a new stake in Biogen during the fourth quarter worth $355,569,000. Van ECK Associates Corp raised its stake in shares of Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock valued at $163,083,000 after buying an additional 967,523 shares in the last quarter. Invesco Ltd. boosted its position in shares of Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after acquiring an additional 499,074 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Biogen by 982.0% in the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock worth $81,914,000 after purchasing an additional 489,811 shares in the last quarter. Institutional investors own 87.93% of the company's stock.
About Biogen
(
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Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.
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