Biogen (NASDAQ:BIIB) Price Target Cut to $214.00

Biogen (NASDAQ:BIIB) had its price target reduced by equities research analysts at UBS Group from $250.00 to $214.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. UBS Group’s price objective indicates a potential upside of 12.32% from the company’s current price.

BIIB has been the subject of a number of other research reports. BTIG Research reiterated a “neutral” rating on shares of Biogen in a research note on Sunday, January 7th. Bank Of America (Bofa) dropped their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research report on Monday, February 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $364.00 price objective on shares of Biogen in a research note on Tuesday, March 5th. Wells Fargo & Company downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $315.00 to $240.00 in a research note on Wednesday, February 14th. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a research note on Monday, April 1st. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $296.35.

Biogen Price Performance

NASDAQ BIIB opened at $190.52 on Wednesday. The business’s fifty day moving average price is $216.17 and its 200-day moving average price is $236.24. The stock has a market capitalization of $27.69 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 1.86 and a beta of -0.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. Biogen has a 1-year low of $189.52 and a 1-year high of $319.76.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period in the prior year, the business posted $4.05 earnings per share. On average, equities analysts predict that Biogen will post 15.48 earnings per share for the current year.

Insider Buying and Selling

In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction on Thursday, February 15th. The shares were bought 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 link. In other Biogen news, insider Priya Singhal sold 419 shares of the 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 in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was acquired 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 in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 882 shares of company stock valued at $202,030. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Large investors have recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new position in shares of Biogen in the 4th quarter worth approximately $25,000. OFI Invest Asset Management acquired a new position in shares of Biogen in the third quarter worth about $26,000. Livelsberger Financial Advisory acquired a new stake in shares of Biogen during the fourth quarter worth approximately $26,000. Rise Advisors LLC acquired a new stake in shares of Biogen during the first quarter worth approximately $27,000. Finally, Gladius Capital Management LP acquired a new stake in shares of Biogen during the third quarter worth approximately $28,000. Institutional investors and hedge funds 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.