Trade Report: Today, Leerink Swann Downgraded Biogen Inc. (BIIB) Price Target to $355.00

Today, Leerink Swann Downgraded Biogen Inc. (BIIB) Price Target to $355.00

Biogen Inc. (NASDAQ:BIIB) had its price objective decreased by analysts at Leerink Swann to $355.00 in a report released on Friday. Leerink Swann’s price objective points to a potential upside of 16.04% from the company’s current price.

Several other brokerages have also recently commented on BIIB. Piper Jaffray Cos. reissued a “neutral” rating on shares of Biogen in a report on Wednesday, August 3rd. Vetr raised Biogen from a “hold” rating to a “buy” rating and set a $321.54 target price on the stock in a report on Monday, October 10th. Jefferies Group dropped their price target on Biogen from $323.00 to $316.00 and set a “hold” rating on the stock in a report on Wednesday, October 5th. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $322.00 price target on shares of Biogen in a report on Wednesday, August 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $360.00 price target on shares of Biogen in a report on Tuesday, September 20th. Nine equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $339.38.

Biogen (NASDAQ:BIIB) traded down 0.25% during midday trading on Friday, hitting $305.15. The stock had a trading volume of 170,095 shares. The firm has a 50 day moving average price of $300.18 and a 200 day moving average price of $287.01. Biogen has a one year low of $223.02 and a one year high of $333.65. The stock has a market cap of $66.39 billion, a PE ratio of 17.26 and a beta of 0.75.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.97 by $0.22. Biogen had a return on equity of 40.02% and a net margin of 34.03%. The firm had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the company earned $4.48 earnings per share. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. Equities analysts expect that Biogen will post $20.22 EPS for the current year.

In other Biogen news, EVP Adriana Karaboutis sold 262 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total transaction of $81,728.28. Following the sale, the executive vice president now directly owns 7,579 shares of the company’s stock, valued at $2,364,193.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Caroline Dorsa sold 27,570 shares of the company’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the sale, the director now directly owns 19,663 shares in the company, valued at $6,174,182. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Biogen by 1.4% in the second quarter. Vanguard Group Inc. now owns 13,544,616 shares of the biotechnology company’s stock valued at $3,275,359,000 after buying an additional 182,714 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Biogen by 19.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 7,610,028 shares of the biotechnology company’s stock valued at $2,382,167,000 after buying an additional 1,243,876 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Biogen by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,816,485 shares of the biotechnology company’s stock valued at $1,406,542,000 after buying an additional 50,433 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of Biogen by 2.6% in the third quarter. BlackRock Fund Advisors now owns 4,969,337 shares of the biotechnology company’s stock valued at $1,555,552,000 after buying an additional 125,890 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Biogen by 0.7% in the second quarter. Alliancebernstein L.P. now owns 3,184,239 shares of the biotechnology company’s stock valued at $770,013,000 after buying an additional 21,307 shares in the last quarter. 87.75% of the stock is currently owned by hedge funds and other institutional investors.

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