Biogen (NASDAQ:BIIB) Price Target Cut to $270.00

Biogen (NASDAQ:BIIB) had its price target trimmed by Oppenheimer from $290.00 to $270.00 in a report released on Friday, Benzinga reports. The firm currently has an outperform rating on the biotechnology company’s stock.

Other equities research analysts have also recently issued reports about the stock. William Blair reaffirmed an outperform rating on shares of Biogen in a report on Monday, April 1st. Wedbush reduced their target price on shares of Biogen from $245.00 to $213.00 and set a neutral rating for the company in a report on Wednesday, April 17th. Needham & Company LLC cut their price target on shares of Biogen from $305.00 to $300.00 and set a buy rating for the company in a report on Tuesday, February 13th. Royal Bank of Canada reissued an outperform rating and set a $364.00 price target on shares of Biogen in a report on Tuesday, March 5th. Finally, BTIG Research reissued a neutral rating on shares of Biogen in a report on Sunday, January 7th. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $295.58.

Biogen Stock Performance

NASDAQ BIIB opened at $194.11 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76. The company has a market capitalization of $28.22 billion, a PE ratio of 24.32, a P/E/G ratio of 1.85 and a beta of -0.02. The company has a fifty day moving average of $214.22 and a two-hundred day moving average of $235.11.

Biogen (NASDAQ:BIIB) last released 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 company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the company earned $4.05 EPS. As a group, analysts expect that Biogen will post 15.48 earnings per share for the current year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last three months, insiders have sold 882 shares of company stock worth $202,030. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Primecap Management Co. CA boosted its holdings in shares of Biogen by 1.6% in the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock valued at $4,208,760,000 after buying an additional 251,915 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Biogen by 18.2% in 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 during the period. Wellington Management Group LLP boosted its holdings in shares of Biogen by 0.5% in the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after buying an additional 27,951 shares during the period. Northern Trust Corp lifted its position in shares of Biogen by 2.8% in the third quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock worth $422,276,000 after purchasing an additional 45,437 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Biogen by 4.3% in the third quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after purchasing an additional 61,814 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.