Biogen (NASDAQ:BIIB) Price Target Lowered to $265.00 at Canaccord Genuity Group

Biogen (NASDAQ:BIIB) had its price target cut by equities researchers at Canaccord Genuity Group from $298.00 to $265.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 98.61% from the company’s previous close.

Several other analysts have also recently commented on BIIB. Barclays reduced their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Bank of America reiterated a “neutral” rating and set a $178.00 price target on shares of Biogen in a research report on Tuesday, December 10th. Robert W. Baird upped their price target on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. JPMorgan Chase & Co. reduced their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $300.00 target price on shares of Biogen in a report on Thursday, October 31st. Seventeen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $220.12.

Biogen Stock Performance

NASDAQ BIIB opened at $133.43 on Thursday. The stock has a market capitalization of $19.44 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.65 and a beta of -0.08. The business’s 50 day moving average is $147.73 and its two-hundred day moving average is $174.05. Biogen has a 12-month low of $128.51 and a 12-month high of $238.00. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Research analysts expect that Biogen will post 16.42 EPS for the current year.

Hedge Funds Weigh In On Biogen

A number of large investors have recently bought and sold shares of BIIB. Exchange Traded Concepts LLC increased its holdings in shares of Biogen by 4,516.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,662 shares of the biotechnology company’s stock worth $322,000 after buying an additional 1,626 shares during the last quarter. Swedbank AB increased its stake in Biogen by 85.0% during the third quarter. Swedbank AB now owns 185,008 shares of the biotechnology company’s stock worth $35,862,000 after acquiring an additional 84,981 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in shares of Biogen in the 3rd quarter worth about $227,000. Sumitomo Life Insurance Co. lifted its stake in shares of Biogen by 4.3% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 3,906 shares of the biotechnology company’s stock valued at $757,000 after purchasing an additional 162 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Biogen during the 3rd quarter worth about $388,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer’s disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.