Biogen (NASDAQ:BIIB) Given New $342.00 Price Target at HSBC

Biogen (NASDAQ:BIIB) had its price objective boosted by HSBC from $339.00 to $342.00 in a research note published on Friday morning, Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

A number of other research firms also recently issued reports on BIIB. BTIG Research restated a neutral rating on shares of Biogen in a report on Sunday, January 7th. UBS Group dropped their price objective on Biogen from $250.00 to $214.00 and set a neutral rating for the company in a report on Wednesday, April 17th. Mizuho reduced their target price on Biogen from $355.00 to $277.00 and set a buy rating on the stock in a report on Thursday, February 22nd. Piper Sandler dropped their price target on Biogen from $350.00 to $325.00 and set an overweight rating for the company in a research note on Wednesday, February 14th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $311.00 price objective on shares of Biogen in a research note on Tuesday, February 20th. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, Biogen has a consensus rating of Moderate Buy and a consensus price target of $290.92.

Biogen Trading Up 1.8 %

Shares of BIIB opened at $221.42 on Friday. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $319.76. The stock has a fifty day moving average of $211.95 and a two-hundred day moving average of $231.36. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The company has a market capitalization of $32.24 billion, a PE ratio of 27.64, a price-to-earnings-growth ratio of 2.21 and a beta of -0.01.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the firm posted $3.40 earnings per share. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, analysts forecast that Biogen will post 15.6 EPS for the current year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred 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 owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Eric K. Rowinsky bought 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 acquisition, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 in the last three months. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Biogen by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after buying an additional 2,218,744 shares during the last quarter. Norges Bank bought a new position in Biogen in the fourth quarter worth about $378,728,000. FIL Ltd boosted its stake in Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after acquiring an additional 593,158 shares during the period. First Trust Advisors LP grew its holdings in shares of Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Biogen by 24,726.3% during the 4th quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after purchasing an additional 474,992 shares during the period. 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.