Oppenheimer Lowers Biogen (NASDAQ:BIIB) Price Target to $270.00

Biogen (NASDAQ:BIIB) had its price objective dropped by equities researchers at Oppenheimer from $290.00 to $270.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer’s target price suggests a potential upside of 38.90% from the stock’s current price.

BIIB has been the subject of a number of other research reports. Bank of America dropped their price objective on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Canaccord Genuity Group dropped their price objective on shares of Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a report on Tuesday, February 20th. Needham & Company LLC dropped their price objective on shares of Biogen from $305.00 to $300.00 and set a “buy” rating for the company in a report on Tuesday, February 13th. Bank Of America (Bofa) dropped their price objective on shares of Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a report on Monday, February 12th. Finally, StockNews.com lowered shares of Biogen from a “buy” rating to a “hold” rating in a report on Tuesday, February 20th. Ten analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $295.58.

Biogen Price Performance

Biogen stock opened at $194.38 on Friday. Biogen has a 52-week low of $189.44 and a 52-week high of $319.76. The firm has a market capitalization of $28.26 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 1.81 and a beta of -0.02. The company has a fifty day simple moving average of $215.23 and a 200-day simple moving average of $235.73. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (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 business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the previous year, the company earned $4.05 EPS. On average, equities analysts anticipate that Biogen will post 15.47 EPS for the current fiscal year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Biogen news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 over the last 90 days. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Hedge funds have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd purchased a new position in Biogen in the fourth quarter valued at approximately $25,000. Livelsberger Financial Advisory purchased a new position in shares of Biogen during the fourth quarter worth approximately $26,000. OFI Invest Asset Management purchased a new position in shares of Biogen during the third quarter worth approximately $26,000. Gladius Capital Management LP purchased a new position in shares of Biogen during the third quarter worth approximately $28,000. Finally, Hexagon Capital Partners LLC grew its position in shares of Biogen by 76.1% during the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 51 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

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.