Wedbush Lowers Biogen (NASDAQ:BIIB) Price Target to $213.00

Biogen (NASDAQ:BIIB) had its price target decreased by equities research analysts at Wedbush from $245.00 to $213.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Wedbush’s price objective indicates a potential upside of 11.80% from the stock’s current price. Wedbush also issued estimates for Biogen’s Q3 2024 earnings at $4.13 EPS and FY2024 earnings at $15.32 EPS.

Several other research firms have also recently issued reports on BIIB. Canaccord Genuity Group cut their target price on Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research note on Tuesday, February 20th. JPMorgan Chase & Co. cut their target price on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. BTIG Research reissued a “neutral” rating on shares of Biogen in a research note on Sunday, January 7th. Oppenheimer cut their target price on Biogen from $295.00 to $290.00 and set an “outperform” rating on the stock 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 given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $296.35.

Biogen Stock Down 0.9 %

BIIB opened at $190.52 on Wednesday. The company has a market cap of $27.69 billion, a P/E ratio of 23.87, a P/E/G ratio of 1.86 and a beta of -0.02. The business’s 50-day moving average price is $216.17 and its 200-day moving average price is $236.24. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. Biogen has a 12 month low of $189.52 and a 12 month high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.23). The company had revenue of $2.39 billion during 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 quarter in the prior year, the firm posted $4.05 EPS. On average, equities analysts expect that Biogen will post 15.48 EPS for the current year.

Insider Buying and Selling

In other news, Director Eric K. Rowinsky acquired 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Biogen news, insider Priya Singhal sold 262 shares of the business’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 directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Eric K. Rowinsky bought 455 shares of the firm’s 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 purchase, 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. Insiders sold a total of 882 shares of company stock worth $202,030 in the last three months. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Hedge funds have recently added to or reduced their stakes in the stock. Diversified Trust Co grew its position in shares of Biogen by 85.1% during the 1st quarter. Diversified Trust Co now owns 20,860 shares of the biotechnology company’s stock valued at $4,498,000 after acquiring an additional 9,588 shares during the period. Financial Partners Group LLC bought a new stake in shares of Biogen during the 1st quarter valued at $226,000. Atticus Wealth Management LLC bought a new stake in shares of Biogen during the 1st quarter valued at $43,000. Grimes & Company Inc. grew its position in shares of Biogen by 3.7% during the 1st quarter. Grimes & Company Inc. now owns 46,888 shares of the biotechnology company’s stock valued at $10,111,000 after acquiring an additional 1,689 shares during the period. Finally, Dohj LLC grew its position in shares of Biogen by 78.4% during the 1st quarter. Dohj LLC now owns 6,556 shares of the biotechnology company’s stock valued at $1,414,000 after acquiring an additional 2,881 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

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.