Biogen (NASDAQ:BIIB) Price Target Cut to $300.00 by Analysts at HC Wainwright

Biogen (NASDAQ:BIIB) had its price objective cut by investment analysts at HC Wainwright from $325.00 to $300.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective would indicate a potential upside of 43.61% from the company’s previous close.

A number of other brokerages also recently issued reports on BIIB. Canaccord Genuity Group reduced their price objective on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research note on Tuesday, February 20th. BMO Capital Markets lowered their price objective on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Barclays reduced their target price on shares of Biogen from $230.00 to $215.00 and set an “equal weight” rating for the company in a research report on Thursday, April 4th. Piper Sandler lowered their price target on shares of Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. reduced their price objective on Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $293.88.

Biogen Stock Performance

NASDAQ BIIB opened at $208.90 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26. The company has a fifty day moving average price of $212.55 and a 200-day moving average price of $233.78. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76. The firm has a market cap of $30.37 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 1.92 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data 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 net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter last year, the business posted $3.40 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, equities research analysts predict that Biogen will post 15.48 EPS for the current fiscal year.

Insider Activity

In related news, insider Priya Singhal sold 262 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock worth $202,030 in the last three months. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares in the last quarter. Norges Bank bought a new position in shares of Biogen during the 4th quarter valued at about $378,728,000. FIL Ltd raised its holdings in shares of Biogen by 936.4% during the 4th quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after buying an additional 593,158 shares in the last quarter. First Trust Advisors LP lifted its position in Biogen by 141.0% in the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after buying an additional 571,795 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Biogen by 24,726.3% in the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after buying an additional 474,992 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

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.