Biogen (NASDAQ:BIIB) Price Target Raised to $270.00

Biogen (NASDAQ:BIIBGet Rating) had its price objective raised by Guggenheim from $265.00 to $270.00 in a report published on Friday, reports. Guggenheim currently has a neutral rating on the biotechnology company’s stock.

Other equities analysts also recently issued research reports about the stock. HC Wainwright raised their price target on shares of Biogen from $240.00 to $325.00 and gave the company a buy rating in a research note on Wednesday, October 26th. Piper Sandler increased their price objective on shares of Biogen from $200.00 to $280.00 and gave the stock a neutral rating in a research report on Wednesday, September 28th. Robert W. Baird upgraded shares of Biogen from a neutral rating to an outperform rating and increased their price objective for the stock from $224.00 to $340.00 in a research report on Wednesday, September 28th. Stifel Nicolaus upgraded shares of Biogen from a hold rating to a buy rating and raised their price target for the stock from $223.00 to $299.00 in a report on Wednesday, October 12th. Finally, TheStreet upgraded shares of Biogen from a c+ rating to a b- rating in a report on Friday, September 30th. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $296.18.

Biogen Price Performance

BIIB opened at $289.45 on Friday. The company has a fifty day moving average price of $248.66 and a two-hundred day moving average price of $221.34. The firm has a market capitalization of $41.68 billion, a PE ratio of 14.74, a P/E/G ratio of 1.71 and a beta of 0.19. Biogen has a 52 week low of $187.16 and a 52 week high of $292.45. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.14 and a current ratio of 2.49.

Biogen (NASDAQ:BIIBGet Rating) last announced its quarterly earnings results on Tuesday, October 25th. The biotechnology company reported $4.77 EPS for the quarter, beating analysts’ consensus estimates of $4.16 by $0.61. The business had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.47 billion. Biogen had a net margin of 27.64% and a return on equity of 21.31%. Biogen’s quarterly revenue was down 9.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.77 EPS. As a group, analysts anticipate that Biogen will post 17.01 earnings per share for the current year.

Insider Buying and Selling at Biogen

In other news, EVP Susan H. Alexander sold 5,532 shares of the stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $280.70, for a total transaction of $1,552,832.40. Following the completion of the transaction, the executive vice president now directly owns 39,396 shares in the company, valued at approximately $11,058,457.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Biogen

Hedge funds have recently bought and sold shares of the company. Curi Wealth Management LLC lifted its stake in Biogen by 476.2% during the 1st quarter. Curi Wealth Management LLC now owns 121 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 100 shares in the last quarter. Urban Wealth Management LLC acquired a new stake in Biogen in the 2nd quarter valued at about $25,000. FNY Investment Advisers LLC raised its position in Biogen by 526.7% in the 3rd quarter. FNY Investment Advisers LLC now owns 94 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. Larson Financial Group LLC acquired a new stake in Biogen in the 3rd quarter valued at about $25,000. Finally, J.W. Cole Advisors Inc. acquired a new stake in Biogen in the 1st quarter valued at about $26,000. Institutional investors and hedge funds own 83.45% of the company’s stock.

About Biogen

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis, SPINRAZA for the treatment of spinal muscular atrophy, and FUMADERM for the treatment of severe plaque psoriasis.

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