JPMorgan Chase & Co. Lowers Biogen (NASDAQ:BIIB) Price Target to $240.00

Biogen (NASDAQ:BIIB) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $270.00 to $240.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 21.10% from the company’s current price.

Other analysts also recently issued reports about the stock. Truist Financial reaffirmed a “buy” rating and issued a $340.00 price objective on shares of Biogen in a report on Monday, March 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $311.00 price objective on shares of Biogen in a report on Tuesday, February 20th. Oppenheimer dropped their price objective on shares of Biogen from $295.00 to $290.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. HC Wainwright reaffirmed a “buy” rating and issued a $325.00 price objective on shares of Biogen in a report on Wednesday, February 14th. Finally, Piper Sandler decreased their target price 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. Ten analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $298.96.

Biogen Stock Down 2.7 %

NASDAQ:BIIB opened at $198.18 on Thursday. The company has a market cap of $28.81 billion, a PE ratio of 24.83, a P/E/G ratio of 1.69 and a beta of -0.02. Biogen has a twelve month low of $197.78 and a twelve month high of $319.76. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $220.04 and its two-hundred day moving average is $238.02.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.23). The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same period in the prior year, the firm posted $4.05 EPS. Analysts anticipate that Biogen will post 15.46 EPS for the current year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were 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 owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price 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 of the company’s stock, valued at $4,590,777.66. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Priya Singhal sold 262 shares of the company’s 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 sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock valued at $202,030 over the last 90 days. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently modified their holdings of the company. Gulf International Bank UK Ltd grew its holdings in shares of Biogen by 0.5% in the first quarter. Gulf International Bank UK Ltd now owns 12,429 shares of the biotechnology company’s stock valued at $2,680,000 after purchasing an additional 63 shares during the period. Wedmont Private Capital grew its holdings in shares of Biogen by 22.7% in the first quarter. Wedmont Private Capital now owns 2,413 shares of the biotechnology company’s stock valued at $498,000 after purchasing an additional 446 shares during the period. Czech National Bank grew its holdings in shares of Biogen by 0.5% in the first quarter. Czech National Bank now owns 25,494 shares of the biotechnology company’s stock valued at $5,497,000 after purchasing an additional 117 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in shares of Biogen by 38.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 333 shares of the biotechnology company’s stock valued at $72,000 after purchasing an additional 92 shares during the period. Finally, Rise Advisors LLC purchased a new stake in shares of Biogen in the first quarter valued at about $27,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Company Profile

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.