Wedbush Increases Biogen (NASDAQ:BIIB) Price Target to $215.00

Biogen (NASDAQ:BIIB) had its price objective upped by Wedbush from $213.00 to $215.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Wedbush’s target price would suggest a potential upside of 2.92% from the stock’s current price. Wedbush also issued estimates for Biogen’s Q2 2024 earnings at $3.43 EPS, Q4 2024 earnings at $4.30 EPS, FY2024 earnings at $15.42 EPS, FY2027 earnings at $19.77 EPS and FY2028 earnings at $19.62 EPS.

A number of other equities analysts have also commented on BIIB. Oppenheimer dropped their price target on shares of Biogen from $290.00 to $270.00 and set an “outperform” rating on the stock in a research report on Friday, April 19th. Bank of America dropped their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $311.00 target price on shares of Biogen in a research report on Tuesday, February 20th. Mizuho dropped their target price on shares of Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Finally, BMO Capital Markets dropped their target price 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. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, Biogen currently has an average rating of “Moderate Buy” and a consensus target price of $293.88.

Biogen Price Performance

NASDAQ BIIB opened at $208.90 on Thursday. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The stock has a market capitalization of $30.37 billion, a PE ratio of 26.08, a price-to-earnings-growth ratio of 1.92 and a beta of -0.02. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The company has a 50 day moving average price of $212.55 and a two-hundred day moving average price of $233.78.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter last year, the firm posted $3.40 earnings per share. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, equities analysts predict that Biogen will post 15.48 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the transaction, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 882 shares of company stock worth $202,030. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Stratos Wealth Partners LTD. raised its holdings in Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after purchasing an additional 42 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in Biogen by 2.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after purchasing an additional 45 shares during the last quarter. PAX Financial Group LLC raised its holdings in Biogen by 2.9% during the 3rd quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock worth $405,000 after purchasing an additional 45 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its holdings in Biogen by 2.4% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock worth $502,000 after purchasing an additional 45 shares during the last quarter. Finally, Ballentine Partners LLC raised its holdings in Biogen by 3.2% during the 3rd quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock worth $393,000 after purchasing an additional 48 shares during the last quarter. 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.