Biogen (NASDAQ:BIIB) PT Lowered to $260.00

Biogen (NASDAQ:BIIB) had its target price reduced by stock analysts at Bank of America from $280.00 to $260.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s price objective indicates a potential upside of 31.19% from the stock’s previous close.

Several other research firms have also recently commented on BIIB. Cantor Fitzgerald reiterated an “overweight” rating and set a $311.00 price target on shares of Biogen in a report on Tuesday, February 20th. JPMorgan Chase & Co. lowered their price target on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday. Bank Of America (Bofa) reduced their price objective on shares of Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research report on Monday, February 12th. Truist Financial restated a “buy” rating and set a $340.00 price objective on shares of Biogen in a research report on Monday, March 25th. Finally, BMO Capital Markets reduced their price objective on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average price target of $298.96.

Biogen Trading Down 2.7 %

Shares of BIIB stock opened at $198.18 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. Biogen has a fifty-two week low of $197.78 and a fifty-two week high of $319.76. The stock has a market capitalization of $28.81 billion, a P/E ratio of 24.83, a price-to-earnings-growth ratio of 1.70 and a beta of -0.02. The company has a 50 day moving average price of $220.04 and a 200 day moving average price of $237.88.

Biogen (NASDAQ:BIIB) last posted its quarterly 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 return on equity of 14.91% and a net margin of 11.81%. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the firm earned $4.05 EPS. Equities research analysts predict that Biogen will post 15.45 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

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

Hedge Funds Weigh In On Biogen

A number of institutional investors and hedge funds have recently made changes to their positions in BIIB. Raymond James Trust N.A. grew its stake in shares of Biogen by 16.4% during the 1st quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock worth $693,000 after purchasing an additional 464 shares during the period. Cibc World Market Inc. grew its stake in shares of Biogen by 39.9% during the 1st quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock worth $3,210,000 after purchasing an additional 4,349 shares during the period. Vanguard Group Inc. grew its stake in shares of Biogen by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock worth $2,468,356,000 after purchasing an additional 183,285 shares during the period. Baird Financial Group Inc. grew its stake in Biogen by 15.3% in the 1st quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock valued at $18,896,000 after acquiring an additional 11,882 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in Biogen by 10.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock valued at $1,251,000 after acquiring an additional 573 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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.