Brokerages Set Biogen Inc. (NASDAQ:BIIB) Price Target at $295.58

Shares of Biogen Inc. (NASDAQ:BIIB) have earned a consensus rating of “Moderate Buy” from the twenty-seven research firms that are covering the company, Marketbeat reports. Nine research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $293.88.

Several brokerages have recently issued reports on BIIB. BMO Capital Markets dropped their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Mizuho cut their price objective on Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Canaccord Genuity Group decreased their target price on Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. Oppenheimer lowered their price target on Biogen from $290.00 to $270.00 and set an “outperform” rating on the stock in a research note on Friday, April 19th. Finally, Piper Sandler reduced their price objective on Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th.

Biogen Price Performance

Shares of Biogen stock opened at $202.46 on Tuesday. The firm has a market cap of $29.43 billion, a PE ratio of 25.37, a P/E/G ratio of 1.84 and a beta of -0.02. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $212.76 and a 200 day moving average price of $234.17.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. The business’s revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the firm posted $3.40 EPS. Sell-side analysts predict that Biogen will post 15.47 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In other Biogen news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction that occurred on Monday, February 12th. The stock was 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 approximately $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $222.54 per share, with a total value of $101,255.70. Following the transaction, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 882 shares of company stock worth $202,030. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Hedge funds have recently added to or reduced their stakes in the business. Stratos Wealth Partners LTD. raised its position in shares of Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after buying an additional 42 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in Biogen by 2.3% in the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after acquiring an additional 45 shares in the last quarter. PAX Financial Group LLC increased its position in Biogen by 2.9% during the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock worth $405,000 after buying an additional 45 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Biogen by 2.4% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock valued at $502,000 after acquiring an additional 45 shares during the last quarter. Finally, Ballentine Partners LLC lifted its stake in shares of Biogen by 3.2% in the third quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock worth $393,000 after buying an additional 48 shares during the last quarter. 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.