Wedbush Boosts Biogen (NASDAQ:BIIB) Price Target to $215.00

Biogen (NASDAQ:BIIB) had its target price upped by Wedbush from $213.00 to $215.00 in a report published on Thursday morning, Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s Q2 2024 earnings at $3.43 EPS, Q4 2024 earnings at $4.30 EPS, FY2024 earnings at $15.42 EPS, FY2027 earnings at $19.77 EPS and FY2028 earnings at $19.62 EPS.

BIIB has been the subject of several other reports. StockNews.com cut Biogen from a buy rating to a hold rating in a report on Tuesday, February 20th. Bank Of America (Bofa) reduced their price objective on Biogen from $290.00 to $280.00 and set a neutral rating for the company in a report on Monday, February 12th. Bank of America reduced their price objective on Biogen from $280.00 to $260.00 and set a neutral rating for the company in a report on Friday, April 12th. William Blair reissued an outperform rating on shares of Biogen in a report on Monday, April 1st. Finally, Needham & Company LLC reissued a buy rating and issued a $294.00 price target on shares of Biogen in a report on Wednesday. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $293.88.

Biogen Stock Up 3.2 %

Biogen stock opened at $208.90 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 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 cap of $30.42 billion, a PE ratio of 26.08, a price-to-earnings-growth ratio of 2.06 and a beta of -0.02. The stock’s 50 day moving average price is $212.55 and its 200 day moving average price is $233.57.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. Biogen’s revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm posted $3.40 earnings per share. On average, sell-side analysts predict that Biogen will post 15.55 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the sale, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 882 shares of company stock valued at $202,030. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently modified their holdings of BIIB. Stratos Wealth Partners LTD. lifted its stake in shares of Biogen by 1.1% in the third quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after acquiring an additional 42 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Biogen by 2.3% in the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after acquiring an additional 45 shares in the last quarter. PAX Financial Group LLC lifted its stake in shares of Biogen by 2.9% in the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock worth $405,000 after acquiring an additional 45 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in shares of Biogen by 2.4% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock worth $502,000 after acquiring an additional 45 shares in the last quarter. Finally, Ballentine Partners LLC lifted its stake in shares of Biogen by 3.2% in the third quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock worth $393,000 after acquiring an additional 48 shares in the last quarter. Hedge funds and other institutional investors 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.