The Biogen Inc. (BIIB) Price Target Cut to $316.00 by Analysts at Jefferies Group

The Biogen Inc. (BIIB) Price Target Cut to $316.00 by Analysts at Jefferies Group

Biogen Inc. (NASDAQ:BIIB) had its price objective reduced by Jefferies Group from $323.00 to $316.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “hold” rating on the biotechnology company’s stock. Jefferies Group’s target price suggests a potential upside of 3.41% from the company’s current price.

A number of other research firms have also recently commented on BIIB. Citigroup Inc. cut Biogen from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $345.00 to $295.00 in a report on Tuesday, June 7th. Leerink Swann reissued a “market perform” rating and issued a $319.00 price target on shares of Biogen in a report on Tuesday, June 7th. Piper Jaffray Cos. reissued a “hold” rating and issued a $293.00 price target on shares of Biogen in a report on Tuesday, June 7th. BMO Capital Markets reissued a “market perform” rating and issued a $287.00 price target on shares of Biogen in a report on Wednesday, June 8th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Biogen in a report on Wednesday, June 8th. Ten analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Biogen currently has an average rating of “Buy” and a consensus target price of $347.34.

Shares of Biogen (NASDAQ:BIIB) traded down 0.13% on Wednesday, reaching $305.59. 1,525,994 shares of the company’s stock were exchanged. The firm has a market cap of $66.96 billion, a PE ratio of 17.85 and a beta of 0.95. The company has a 50 day moving average price of $308.50 and a 200 day moving average price of $279.69. Biogen has a one year low of $223.02 and a one year high of $333.65.

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Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.69 by $0.52. The business earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the company posted $4.22 EPS. Analysts expect that Biogen will post $20.08 EPS for the current fiscal year.

In other news, Director Caroline Dorsa sold 27,570 shares of the stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total value of $8,656,980.00. Following the transaction, the director now directly owns 19,663 shares of the company’s stock, valued at $6,174,182. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George A. Scangos sold 157 shares of the stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the transaction, the chief executive officer now directly owns 54,779 shares in the company, valued at $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Howard Hughes Medical Institute bought a new stake in Biogen during the first quarter valued at approximately $135,000. Kings Point Capital Management bought a new stake in Biogen during the second quarter valued at approximately $145,000. North Star Asset Management Inc. bought a new stake in Biogen during the third quarter valued at approximately $207,000. Catawba Capital Management VA bought a new stake in Biogen during the third quarter valued at approximately $216,000. Finally, Signaturefd LLC raised its stake in Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares during the period. 86.21% of the stock is currently owned by institutional investors and hedge funds.

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