Biogen Inc. (BIIB) Shares Gap Down Following Analyst Downgrade

Biogen Inc. (NASDAQ:BIIB) shares gapped down before the market opened on Wednesday after Royal Bank Of Canada lowered their price target on the stock from $315.00 to $313.00. The stock had previously closed at $312.46, but opened at $315.73. Royal Bank Of Canada currently has a sector perform rating on the stock. Biogen shares last traded at $316.02, with a volume of 1,254,576 shares changing hands.

A number of other research analysts have also commented on BIIB. Vetr raised Biogen from a “buy” rating to a “strong-buy” rating and set a $311.67 price target for the company in a research report on Tuesday, June 27th. Cowen and Company reaffirmed an “outperform” rating and set a $271.00 price target on shares of Biogen in a research report on Monday, July 3rd. Morgan Stanley reaffirmed an “equal weight” rating on shares of Biogen in a research report on Monday, July 10th. Jefferies Group LLC reaffirmed a “hold” rating and set a $310.00 price target on shares of Biogen in a research report on Tuesday, July 11th. Finally, Credit Suisse Group set a $300.00 price target on Biogen and gave the company a “hold” rating in a research report on Friday, July 14th. Eleven investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $341.30.

Institutional investors and hedge funds have recently modified their holdings of the business. Guardian Life Insurance Co. of America boosted its stake in shares of Biogen by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 839 shares of the biotechnology company’s stock worth $229,000 after buying an additional 6 shares during the last quarter. Carroll Financial Associates Inc. boosted its stake in shares of Biogen by 1.2% in the 2nd quarter. Carroll Financial Associates Inc. now owns 496 shares of the biotechnology company’s stock worth $134,000 after buying an additional 6 shares during the last quarter. RMB Capital Management LLC boosted its stake in shares of Biogen by 1.1% in the 1st quarter. RMB Capital Management LLC now owns 814 shares of the biotechnology company’s stock worth $223,000 after buying an additional 9 shares during the last quarter. New Amsterdam Partners LLC NY boosted its stake in shares of Biogen by 0.8% in the 2nd quarter. New Amsterdam Partners LLC NY now owns 1,471 shares of the biotechnology company’s stock worth $399,000 after buying an additional 11 shares during the last quarter. Finally, JNBA Financial Advisors boosted its stake in shares of Biogen by 1.0% in the 1st quarter. JNBA Financial Advisors now owns 1,465 shares of the biotechnology company’s stock worth $401,000 after buying an additional 14 shares during the last quarter. Institutional investors and hedge funds own 87.47% of the company’s stock.

The stock has a market cap of $65.04 billion, a PE ratio of 20.19 and a beta of 0.77. The stock has a 50-day moving average price of $324.58 and a 200-day moving average price of $286.98.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share for the quarter, beating analysts’ consensus estimates of $5.70 by $0.61. The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.05 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company earned $5.19 earnings per share. Analysts predict that Biogen Inc. will post $22.11 earnings per share for the current year.

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Biogen Company Profile

Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).

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