Biogen (NASDAQ:BIIB – Get Free Report) had its target price decreased by equities researchers at Robert W. Baird from $333.00 to $316.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Robert W. Baird’s price target would suggest a potential upside of 42.86% from the stock’s current price.
Several other equities research analysts have also recently weighed in on BIIB. Stifel Nicolaus decreased their price target on Biogen from $315.00 to $287.00 and set a “buy” rating for the company in a research note on Thursday, December 14th. Bank Of America (Bofa) lowered their target price on shares of Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research note on Monday. Oppenheimer cut their price target on shares of Biogen from $295.00 to $290.00 and set an “outperform” rating on the stock in a research report on Wednesday. Raymond James raised Biogen from a “market perform” rating to an “outperform” rating and set a $283.00 price objective for the company in a research report on Thursday, December 7th. Finally, UBS Group downgraded Biogen from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $311.00 to $276.00 in a report on Wednesday, January 24th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and a consensus price target of $309.44.
Biogen Price Performance
BIIB stock traded down $5.46 during trading on Wednesday, reaching $221.19. 1,327,138 shares of the company were exchanged, compared to its average volume of 1,032,843. Biogen has a twelve month low of $220.56 and a twelve month high of $319.76. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.68 and a quick ratio of 1.09. The company has a market capitalization of $32.05 billion and a price-to-earnings ratio of 21.98. The company has a 50-day moving average of $249.78 and a two-hundred day moving average of $252.04.
Biogen (NASDAQ:BIIB – Get Free Report) last posted its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a net margin of 14.63% and a return on equity of 16.40%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the prior year, the business posted $4.05 earnings per share. As a group, equities analysts predict that Biogen will post 14.97 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, insider Priya Singhal sold 419 shares of the 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 completion of the transaction, the insider now owns 4,516 shares in the company, valued at $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. 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. Norges Bank bought a new position in shares of Biogen during the 4th quarter worth $378,728,000. Price T Rowe Associates Inc. MD grew its stake in Biogen by 49.5% in the 1st 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 buying an additional 691,843 shares in the last quarter. First Trust Advisors LP raised its holdings in Biogen by 141.0% during the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after acquiring an additional 571,795 shares during the period. International Assets Investment Management LLC lifted its position in shares of Biogen by 24,726.3% during the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after acquiring an additional 474,992 shares in the last quarter. Finally, abrdn plc grew its position in shares of Biogen by 237.4% in the fourth quarter. abrdn plc now owns 437,075 shares of the biotechnology company’s stock valued at $113,102,000 after purchasing an additional 307,532 shares in the last quarter. Hedge funds and other institutional investors own 85.99% 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 offers 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.