Biogen (NASDAQ:BIIB) Given New $240.00 Price Target at JPMorgan Chase & Co.

Biogen (NASDAQ:BIIB) had its price objective decreased by analysts at JPMorgan Chase & Co. from $270.00 to $240.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 21.10% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Bank Of America (Bofa) reduced their target price on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a report on Monday, February 12th. William Blair reissued an “outperform” rating on shares of Biogen in a report on Monday, April 1st. Robert W. Baird reduced their target price on Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $364.00 target price on shares of Biogen in a report on Tuesday, March 5th. Finally, BMO Capital Markets cut their price target on Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $298.96.

Biogen Stock Performance

NASDAQ:BIIB opened at $198.18 on Thursday. The firm’s fifty day moving average price is $220.04 and its 200 day moving average price is $238.02. Biogen has a 1-year low of $197.78 and a 1-year high of $319.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The firm has a market cap of $28.81 billion, a price-to-earnings ratio of 24.83, a price-to-earnings-growth ratio of 1.69 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period last year, the business posted $4.05 EPS. On average, sell-side analysts expect that Biogen will post 15.46 EPS for the current year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated Thursday, February 22nd. The stock was 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 in the company, valued at approximately $1,080,929.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction on Thursday, February 15th. The stock was acquired 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 $4,590,777.66. The disclosure for this purchase can be found here. In the last quarter, insiders sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by insiders.

Institutional Trading of Biogen

A number of institutional investors have recently modified their holdings of BIIB. Altshuler Shaham Ltd purchased a new stake in Biogen during the fourth quarter worth approximately $25,000. Livelsberger Financial Advisory acquired a new position in shares of Biogen during the 4th quarter valued at $26,000. OFI Invest Asset Management purchased a new stake in Biogen during the 3rd quarter worth $26,000. Gladius Capital Management LP acquired a new stake in Biogen in the 3rd quarter valued at $29,000. Finally, Hexagon Capital Partners LLC increased its holdings in Biogen by 76.1% in the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 51 shares in the last quarter. Hedge funds and other institutional investors 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.