Wedbush Cuts Biogen (NASDAQ:BIIB) Price Target to $213.00

Biogen (NASDAQ:BIIB) had its price objective decreased by Wedbush from $245.00 to $213.00 in a research report released on Wednesday morning, Benzinga reports. Wedbush currently has a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s Q3 2024 earnings at $4.13 EPS and FY2024 earnings at $15.32 EPS.

A number of other brokerages have also recently weighed in on BIIB. Cantor Fitzgerald reiterated an overweight rating and set a $311.00 price target on shares of Biogen in a research report on Tuesday, February 20th. UBS Group lowered their target price on Biogen from $276.00 to $250.00 and set a neutral rating on the stock in a research report on Friday, February 16th. Canaccord Genuity Group lowered their target price on Biogen from $310.00 to $305.00 and set a buy rating on the stock in a research report on Tuesday, February 20th. BMO Capital Markets lowered their target price on Biogen from $295.00 to $285.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada restated an outperform rating and issued a $364.00 target price on shares of Biogen in a research report on Tuesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $297.73.

Biogen Trading Down 1.5 %

Shares of NASDAQ BIIB opened at $192.16 on Wednesday. The stock’s 50 day moving average price is $217.16 and its two-hundred day moving average price is $236.56. Biogen has a 52-week low of $192.01 and a 52-week high of $319.76. The stock has a market capitalization of $27.93 billion, a P/E ratio of 24.08, a PEG ratio of 1.86 and a beta of -0.02. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the previous year, the company earned $4.05 EPS. On average, analysts anticipate that Biogen will post 15.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 262 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Priya Singhal sold 262 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 882 shares of company stock worth $202,030. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several institutional investors have recently bought and sold shares of BIIB. Vanguard Group Inc. raised its holdings in Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after buying an additional 2,218,744 shares in the last quarter. Norges Bank acquired a new stake in shares of Biogen in the fourth quarter valued at about $378,728,000. Price T Rowe Associates Inc. MD grew its position in shares of Biogen by 49.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock valued at $580,627,000 after purchasing an additional 691,843 shares during the last quarter. FIL Ltd grew its position in shares of Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after purchasing an additional 593,158 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

About Biogen

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.