Wedbush Trims Biogen (NASDAQ:BIIB) Target Price to $239.00

Biogen (NASDAQ:BIIB) had its target price reduced by Wedbush from $266.00 to $239.00 in a report released on Thursday, Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s FY2026 earnings at $19.73 EPS and FY2027 earnings at $19.44 EPS.

BIIB has been the subject of a number of other reports. Bank of America cut their price target on Biogen from $310.00 to $290.00 in a report on Monday, August 7th. Morgan Stanley cut their price target on Biogen from $381.00 to $361.00 and set an overweight rating for the company in a report on Wednesday, October 11th. Robert W. Baird lowered their price objective on Biogen from $340.00 to $333.00 in a research report on Monday, August 7th. Scotiabank started coverage on Biogen in a research report on Thursday, July 27th. They issued a sector outperform rating and a $327.00 price objective for the company. Finally, William Blair reaffirmed an outperform rating on shares of Biogen in a research report on Thursday. Five research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $326.08.

Biogen Stock Performance

Shares of BIIB stock opened at $224.79 on Thursday. The stock has a fifty day moving average price of $253.99 and a 200 day moving average price of $275.52. The stock has a market cap of $32.57 billion, a PE ratio of 22.34, a P/E/G ratio of 2.50 and a beta of 0.10. Biogen has a 1 year low of $221.39 and a 1 year high of $319.76. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.86 and a current ratio of 1.68.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, November 8th. The biotechnology company reported $4.36 earnings per share for the quarter, topping analysts’ consensus estimates of $3.99 by $0.37. Biogen had a return on equity of 16.40% and a net margin of 14.63%. The company had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the previous year, the firm posted $4.77 earnings per share. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Sell-side analysts forecast that Biogen will post 14.83 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $269.43, for a total value of $116,124.33. Following the completion of the sale, the insider now owns 3,354 shares of the company’s stock, valued at $903,668.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently modified their holdings of BIIB. Horizon Bancorp Inc. IN boosted its position in shares of Biogen by 128.2% in the second quarter. Horizon Bancorp Inc. IN now owns 89 shares of the biotechnology company’s stock worth $25,000 after buying an additional 50 shares during the period. Altshuler Shaham Ltd acquired a new position in shares of Biogen in the fourth quarter worth about $25,000. OFI Invest Asset Management acquired a new position in shares of Biogen in the third quarter worth about $26,000. Gladius Capital Management LP acquired a new position in shares of Biogen in the third quarter worth about $29,000. Finally, Indiana Trust & Investment Management CO acquired a new position in shares of Biogen in the third quarter worth about $37,000. Hedge funds and other institutional investors own 85.99% 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 offers 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.