Biogen (NASDAQ:BIIB) Price Target Increased to $395.00 by Analysts at Barclays

Biogen (NASDAQ:BIIB) had its target price lifted by Barclays from $265.00 to $395.00 in a research note released on Tuesday morning, Analyst Price Targets reports. They currently have an equal weight rating on the biotechnology company’s stock.

A number of other brokerages have also recently issued reports on BIIB. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Biogen from a sell rating to a neutral rating and boosted their price objective for the stock from $200.00 to $440.00 in a report on Tuesday. Citigroup upgraded Biogen from a sell rating to a neutral rating in a research note on Tuesday. Atlantic Securities upgraded Biogen from an underweight rating to a neutral rating and set a $415.00 price target for the company in a research note on Tuesday. Morgan Stanley cut their price target on Biogen from $351.00 to $343.00 and set an overweight rating for the company in a research note on Monday, April 19th. Finally, Raymond James upgraded Biogen from an underperform rating to a market perform rating in a research note on Monday. Sixteen investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Biogen currently has a consensus rating of Hold and an average price target of $369.86.

Shares of NASDAQ BIIB opened at $414.71 on Tuesday. The stock’s 50 day simple moving average is $282.68. The firm has a market capitalization of $62.44 billion, a P/E ratio of 21.76, a PEG ratio of 1.87 and a beta of 0.44. The company has a current ratio of 2.12, a quick ratio of 1.75 and a debt-to-equity ratio of 0.68. Biogen has a twelve month low of $223.25 and a twelve month high of $468.55.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 earnings per share for the quarter, topping analysts’ consensus estimates of $5.06 by $0.28. Biogen had a return on equity of 42.04% and a net margin of 23.89%. The firm had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the previous year, the business earned $9.14 earnings per share. The business’s revenue was down 23.8% compared to the same quarter last year. Equities analysts forecast that Biogen will post 18.43 EPS for the current fiscal year.

In related news, insider Alfred Sandrock sold 7,672 shares of the stock in a transaction on Monday, June 7th. The stock was sold at an average price of $440.00, for a total value of $3,375,680.00. Following the completion of the sale, the insider now directly owns 2,919 shares in the company, valued at $1,284,360. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian S. Posner sold 360 shares of the stock in a transaction on Friday, June 4th. The shares were sold at an average price of $274.17, for a total value of $98,701.20. Following the completion of the sale, the director now owns 7,400 shares of the company’s stock, valued at $2,028,858. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of BIIB. Ironwood Wealth Management LLC. acquired a new stake in Biogen in the fourth quarter valued at $825,000. California Public Employees Retirement System boosted its position in Biogen by 2.2% during the fourth quarter. California Public Employees Retirement System now owns 387,722 shares of the biotechnology company’s stock valued at $94,938,000 after acquiring an additional 8,375 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in Biogen by 9.3% during the fourth quarter. Treasurer of the State of North Carolina now owns 95,152 shares of the biotechnology company’s stock valued at $23,299,000 after acquiring an additional 8,060 shares during the last quarter. MUFG Americas Holdings Corp boosted its position in Biogen by 76.7% during the fourth quarter. MUFG Americas Holdings Corp now owns 4,629 shares of the biotechnology company’s stock valued at $1,133,000 after acquiring an additional 2,010 shares during the last quarter. Finally, Saratoga Research & Investment Management boosted its position in Biogen by 3.2% during the fourth quarter. Saratoga Research & Investment Management now owns 246,700 shares of the biotechnology company’s stock valued at $60,407,000 after acquiring an additional 7,625 shares during the last quarter. Institutional investors and hedge funds own 85.10% of the company’s stock.

About Biogen

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

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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