Biogen (BIIB) Given New $470.00 Price Target at Citigroup

Biogen (NASDAQ:BIIB) had its target price trimmed by Citigroup from $483.00 to $470.00 in a report published on Monday morning, MarketBeat.com reports. They currently have a buy rating on the biotechnology company’s stock.

Other equities research analysts have also issued research reports about the company. HC Wainwright reiterated a buy rating on shares of Biogen in a research report on Monday, July 9th. Oppenheimer set a $400.00 price target on Biogen and gave the company a buy rating in a research report on Sunday, July 8th. Nomura reiterated a buy rating and issued a $420.00 price target on shares of Biogen in a research report on Friday, July 6th. JPMorgan Chase & Co. reiterated a buy rating on shares of Biogen in a research report on Friday, July 6th. Finally, Canaccord Genuity set a $335.00 price target on Biogen and gave the company a buy rating in a research report on Friday, July 6th. Eight equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. The company has an average rating of Buy and an average price target of $381.31.

NASDAQ BIIB opened at $337.53 on Monday. Biogen has a 12 month low of $249.17 and a 12 month high of $388.67. The stock has a market capitalization of $71.17 billion, a price-to-earnings ratio of 15.48, a P/E/G ratio of 1.36 and a beta of 0.86. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.06 and a current ratio of 2.36.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, July 24th. The biotechnology company reported $5.80 EPS for the quarter, beating analysts’ consensus estimates of $5.22 by $0.58. Biogen had a return on equity of 38.17% and a net margin of 23.06%. The firm had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same quarter in the previous year, the company posted $5.04 EPS. The business’s revenue was up 9.1% on a year-over-year basis. Equities research analysts expect that Biogen will post 25.34 EPS for the current year.

In related news, EVP Michael D. Ehlers sold 1,000 shares of the company’s stock in a transaction dated Wednesday, September 26th. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the sale, the executive vice president now owns 4,281 shares in the company, valued at approximately $1,498,350. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Private Advisor Group LLC boosted its holdings in Biogen by 861.3% in the second quarter. Private Advisor Group LLC now owns 22,426 shares of the biotechnology company’s stock worth $6,528,000 after acquiring an additional 20,093 shares in the last quarter. Kaizen Advisory LLC boosted its holdings in Biogen by 145.8% in the second quarter. Kaizen Advisory LLC now owns 499 shares of the biotechnology company’s stock worth $145,000 after acquiring an additional 296 shares in the last quarter. First Interstate Bank boosted its holdings in Biogen by 112.2% in the second quarter. First Interstate Bank now owns 885 shares of the biotechnology company’s stock worth $257,000 after acquiring an additional 468 shares in the last quarter. Greenwood Capital Associates LLC boosted its holdings in Biogen by 29.5% in the second quarter. Greenwood Capital Associates LLC now owns 14,737 shares of the biotechnology company’s stock worth $4,277,000 after acquiring an additional 3,359 shares in the last quarter. Finally, Bailard Inc. boosted its holdings in Biogen by 22.6% in the second quarter. Bailard Inc. now owns 2,491 shares of the biotechnology company’s stock worth $723,000 after acquiring an additional 460 shares in the last quarter. Institutional investors and hedge funds own 87.46% of the company’s stock.

About Biogen

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

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