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

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

Several other research analysts have also recently commented on the company. HC Wainwright reissued a “buy” rating and set a $300.00 target price on shares of Biogen in a research note on Thursday, October 31st. StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Bank of America reaffirmed a “neutral” rating and issued a $178.00 target price on shares of Biogen in a report on Tuesday, December 10th. Stifel Nicolaus cut shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target for the company. in a report on Monday, December 16th. Finally, Citigroup dropped their price objective on shares of Biogen from $190.00 to $160.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 28th. Seventeen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Biogen presently has an average rating of “Hold” and a consensus price target of $220.12.

Biogen Stock Down 4.3 %

Shares of NASDAQ:BIIB opened at $133.43 on Thursday. The firm has a market capitalization of $19.44 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. Biogen has a 1 year low of $128.51 and a 1 year high of $238.00. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The firm’s 50-day moving average is $147.73 and its two-hundred day moving average is $174.05.

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

Institutional Investors Weigh In On Biogen

A number of institutional investors and hedge funds have recently made changes to their positions in BIIB. Quadrant Capital Group LLC grew its holdings in shares of Biogen by 64.8% during the fourth quarter. Quadrant Capital Group LLC now owns 669 shares of the biotechnology company’s stock worth $102,000 after buying an additional 263 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co lifted its position in Biogen by 33.3% during the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 24,000 shares of the biotechnology company’s stock worth $3,670,000 after acquiring an additional 6,000 shares during the period. Aviva PLC grew its stake in shares of Biogen by 373.4% in the 4th quarter. Aviva PLC now owns 87,731 shares of the biotechnology company’s stock valued at $13,416,000 after purchasing an additional 69,199 shares during the last quarter. Rhenman & Partners Asset Management AB increased its holdings in shares of Biogen by 84.4% in the fourth quarter. Rhenman & Partners Asset Management AB now owns 123,700 shares of the biotechnology company’s stock valued at $18,916,000 after purchasing an additional 56,600 shares during the period. Finally, Resona Asset Management Co. Ltd. purchased a new stake in shares of Biogen during the fourth quarter worth approximately $6,811,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

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.