Biogen (NASDAQ:BIIB) PT Lowered to $300.00

Biogen (NASDAQ:BIIB) had its target price lowered by equities research analysts at HC Wainwright from $325.00 to $300.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s target price would suggest a potential upside of 43.61% from the stock’s previous close.

Several other research firms also recently issued reports on BIIB. Piper Sandler decreased their price objective on shares of Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. BTIG Research restated a “neutral” rating on shares of Biogen in a research note on Sunday, January 7th. Robert W. Baird reduced their price objective on Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada restated an “outperform” rating and set a $364.00 target price on shares of Biogen in a research report on Tuesday, March 5th. Finally, Wedbush reduced their price target on shares of Biogen from $245.00 to $213.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $293.88.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $208.90 on Thursday. The stock’s 50-day simple moving average is $212.55 and its 200-day simple moving average is $233.78. The firm has a market capitalization of $30.37 billion, a PE ratio of 26.08, a price-to-earnings-growth ratio of 1.92 and a beta of -0.02. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $319.76. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.26 and a current ratio of 2.10.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter last year, the company earned $3.40 earnings per share. As a group, equities research analysts forecast that Biogen will post 15.48 EPS for the current fiscal year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Priya Singhal sold 262 shares of Biogen 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 transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold 882 shares of company stock worth $202,030 over the last 90 days. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several hedge funds have recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. raised its position in shares of Biogen by 4.5% during the 1st quarter. Pinnacle Associates Ltd. now owns 4,761 shares of the biotechnology company’s stock worth $1,027,000 after purchasing an additional 204 shares during the last quarter. Tritonpoint Wealth LLC increased its position in Biogen by 14.7% during the first quarter. Tritonpoint Wealth LLC now owns 2,321 shares of the biotechnology company’s stock worth $521,000 after buying an additional 298 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of Biogen by 6.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,821 shares of the biotechnology company’s stock worth $5,999,000 after acquiring an additional 1,700 shares during the last quarter. Valeo Financial Advisors LLC lifted its position in shares of Biogen by 53.0% in the first quarter. Valeo Financial Advisors LLC now owns 1,412 shares of the biotechnology company’s stock valued at $285,000 after acquiring an additional 489 shares in the last quarter. Finally, V Square Quantitative Management LLC boosted its stake in shares of Biogen by 21.9% during the first quarter. V Square Quantitative Management LLC now owns 3,245 shares of the biotechnology company’s stock valued at $700,000 after acquiring an additional 584 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other 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.