HC Wainwright Trims Biogen (NASDAQ:BIIB) Target Price to $300.00

Biogen (NASDAQ:BIIB) had its price target trimmed by HC Wainwright from $325.00 to $300.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Several other research firms also recently weighed in on BIIB. Bank Of America (Bofa) cut their price target on Biogen from $290.00 to $280.00 and set a neutral rating for the company in a research note on Monday, February 12th. BMO Capital Markets dropped their price objective on Biogen from $295.00 to $285.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Robert W. Baird dropped their price objective on Biogen from $333.00 to $316.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. William Blair reissued an outperform rating on shares of Biogen in a report on Monday, April 1st. Finally, Piper Sandler dropped their price objective on Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a report on Wednesday, February 14th. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Biogen currently has a consensus rating of Moderate Buy and a consensus price target of $293.88.

Biogen Trading Up 3.2 %

Shares of Biogen stock opened at $208.90 on Thursday. The stock has a fifty day simple moving average of $212.55 and a 200 day simple moving average of $233.34. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The company has a market capitalization of $30.42 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 2.13 and a beta of -0.02. The company has a current ratio of 2.10, a quick ratio of 1.26 and a debt-to-equity ratio of 0.41.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.40 EPS. On average, sell-side analysts anticipate that Biogen will post 15.57 earnings per share 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 stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now directly 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 this hyperlink. In other Biogen news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction dated 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 acquisition, the director now directly 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 three months, insiders sold 882 shares of company stock valued at $202,030. Insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Institutional investors have recently made changes to their positions in the business. ICICI Prudential Asset Management Co Ltd boosted its position in shares of Biogen by 15.0% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after purchasing an additional 4,693 shares in the last quarter. Boone Capital Management LLC lifted its position in Biogen by 52.9% during the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after acquiring an additional 33,238 shares during the period. iA Global Asset Management Inc. lifted its position in Biogen by 35.2% during the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after acquiring an additional 3,145 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of Biogen by 13.8% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock valued at $17,577,000 after buying an additional 8,291 shares during the period. Finally, Dynamic Advisor Solutions LLC lifted its holdings in shares of Biogen by 6.2% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after buying an additional 285 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.