Biogen (NASDAQ:BIIB) Given New $213.00 Price Target at Wedbush

Biogen (NASDAQ:BIIB) had its price target reduced by analysts at Wedbush from $245.00 to $213.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Wedbush’s price objective suggests a potential upside of 11.80% from the company’s previous close. Wedbush also issued estimates for Biogen’s Q3 2024 earnings at $4.13 EPS and FY2024 earnings at $15.32 EPS.

A number of other research analysts have also weighed in on BIIB. Mizuho cut their price target on shares of Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Robert W. Baird cut their price target on shares of Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Truist Financial reaffirmed a “buy” rating and issued a $340.00 price target on shares of Biogen in a research note on Monday, March 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $311.00 price target on shares of Biogen in a research note on Tuesday, February 20th. Finally, Canaccord Genuity Group cut their price target on shares of Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research note on Tuesday, February 20th. Ten investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $296.35.

Biogen Trading Down 0.9 %

BIIB opened at $190.52 on Wednesday. The stock has a market capitalization of $27.69 billion, a PE ratio of 23.87, a PEG ratio of 1.86 and a beta of -0.02. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. Biogen has a 1-year low of $189.52 and a 1-year high of $319.76. The firm has a 50-day moving average price of $216.17 and a two-hundred day moving average price of $236.24.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period in the previous year, the business earned $4.05 EPS. As a group, equities analysts anticipate that Biogen will post 15.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. Insiders sold a total of 882 shares of company stock valued at $202,030 over the last ninety days. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BIIB. Altshuler Shaham Ltd acquired a new position in shares of Biogen in the fourth quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new stake in Biogen during the 3rd quarter valued at approximately $26,000. Livelsberger Financial Advisory acquired a new stake in Biogen during the 4th quarter valued at approximately $26,000. Rise Advisors LLC acquired a new stake in Biogen during the 1st quarter valued at approximately $27,000. Finally, Gladius Capital Management LP acquired a new stake in Biogen during the 3rd quarter valued at approximately $28,000. 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.