Biogen (BIIB) Price Target Cut to $393.00
Biogen (NASDAQ:BIIB) had its target price decreased by investment analysts at BMO Capital Markets from $403.00 to $393.00 in a report issued on Friday. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. BMO Capital Markets’ price objective points to a potential upside of 38.60% from the company’s current price.
Several other research firms have also weighed in on BIIB. HC Wainwright restated a “buy” rating and issued a $363.00 target price (up from $340.00) on shares of Biogen in a report on Friday, January 26th. BidaskClub lowered Biogen from a “hold” rating to a “sell” rating in a report on Saturday, February 24th. Citigroup restated an “outperform” rating and issued a $380.00 target price (up from $350.00) on shares of Biogen in a report on Tuesday, January 16th. Mizuho set a $400.00 price target on Biogen and gave the stock a “buy” rating in a report on Thursday, January 18th. Finally, Jefferies Group reiterated a “hold” rating on shares of Biogen in a report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $370.07.
Biogen (BIIB) traded down $3.40 on Friday, reaching $283.56. The company had a trading volume of 132,987 shares, compared to its average volume of 1,616,186. Biogen has a 12-month low of $244.28 and a 12-month high of $370.57. The company has a current ratio of 2.34, a quick ratio of 2.07 and a debt-to-equity ratio of 0.47. The firm has a market cap of $60,510.00, a price-to-earnings ratio of 16.38, a P/E/G ratio of 1.49 and a beta of 0.91.
In other Biogen news, EVP Alfred Sandrock sold 1,294 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $298.85, for a total value of $386,711.90. Following the sale, the executive vice president now directly owns 7,296 shares in the company, valued at $2,180,409.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert W. Pangia sold 5,832 shares of the company’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $329.65, for a total value of $1,922,518.80. Following the completion of the sale, the director now owns 23,539 shares in the company, valued at $7,759,631.35. The disclosure for this sale can be found here. Insiders sold 8,128 shares of company stock worth $2,601,512 over the last quarter. Company insiders own 0.25% of the company’s stock.
A number of large investors have recently made changes to their positions in BIIB. Alliancebernstein L.P. grew its position in Biogen by 27.0% in the fourth quarter. Alliancebernstein L.P. now owns 3,414,672 shares of the biotechnology company’s stock valued at $1,087,812,000 after acquiring an additional 727,007 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Biogen by 35.1% during the third quarter. Ameriprise Financial Inc. now owns 2,309,394 shares of the biotechnology company’s stock worth $723,142,000 after purchasing an additional 600,384 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Biogen by 24.0% during the third quarter. Bank of New York Mellon Corp now owns 2,325,987 shares of the biotechnology company’s stock worth $728,314,000 after purchasing an additional 450,207 shares during the last quarter. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Biogen by 426.5% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 245,830 shares of the biotechnology company’s stock worth $78,314,000 after purchasing an additional 199,140 shares during the last quarter. Finally, Jackson Square Partners LLC grew its holdings in shares of Biogen by 9.3% during the third quarter. Jackson Square Partners LLC now owns 2,249,253 shares of the biotechnology company’s stock worth $704,286,000 after purchasing an additional 191,526 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.
ILLEGAL ACTIVITY WARNING: “Biogen (BIIB) Price Target Cut to $393.00” was originally reported by Watch List News and is the sole property of of Watch List News. If you are reading this story on another domain, it was copied illegally and republished in violation of United States & international copyright and trademark laws. The correct version of this story can be accessed at https://www.watchlistnews.com/bmo-capital-markets-reaffirms-buy-rating-for-biogen-biib/1905226.html.
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).
Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.