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

Biogen (NASDAQ:BIIB) had its price objective lowered by Canaccord Genuity Group from $298.00 to $265.00 in a research report released on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biotechnology company’s stock.

BIIB has been the topic of several other reports. Robert W. Baird upped their price target on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Jefferies Financial Group lowered shares of Biogen from a “buy” rating to a “hold” rating and lowered their target price for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Bank Of America (Bofa) decreased their price target on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday. Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a research note on Monday, November 18th. Finally, StockNews.com lowered shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Biogen currently has a consensus rating of “Hold” and a consensus price target of $211.96.

Biogen Stock Up 3.8 %

Shares of NASDAQ:BIIB opened at $138.45 on Thursday. The company has a 50-day moving average price of $147.73 and a 200 day moving average price of $174.05. 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 has a 12 month low of $128.51 and a 12 month high of $238.00. The company has a market cap of $20.17 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 1.65 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS 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%. As a group, equities research analysts predict that Biogen will post 16.42 earnings per share for the current year.

Institutional Trading of Biogen

A number of hedge funds have recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. acquired a new position in shares of Biogen in the fourth quarter worth about $25,000. Larson Financial Group LLC increased its stake in shares of Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 141 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in Biogen during the third quarter worth approximately $33,000. SRS Capital Advisors Inc. purchased a new position in Biogen during the fourth quarter worth approximately $33,000. Finally, Venturi Wealth Management LLC grew its holdings in Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares during the period. 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.