Investment Analysts’ Recent Ratings Changes for Biogen (BIIB)

Biogen (NASDAQ: BIIB) has recently received a number of price target changes and ratings updates:

• 4/29/2024 – Biogen had its “outperform” rating reaffirmed by analysts at Oppenheimer Holdings Inc.. They now have a $270.00 price target on the stock.
• 4/25/2024 – Biogen had its price target raised by analysts at Wedbush from $213.00 to $215.00. They now have a “neutral” rating on the stock.
• 4/25/2024 – Biogen had its price target lowered by analysts at Barclays PLC from $215.00 to $200.00. They now have an “equal weight” rating on the stock.
• 4/25/2024 – Biogen had its price target lowered by analysts at HC Wainwright from $325.00 to $300.00. They now have a “buy” rating on the stock.
• 4/24/2024 – Biogen had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $294.00 price target on the stock.
• 4/19/2024 – Biogen had its price target lowered by analysts at Oppenheimer Holdings Inc. from $290.00 to $270.00. They now have an “outperform” rating on the stock.
• 4/17/2024 – Biogen had its price target lowered by analysts at UBS Group AG from $250.00 to $214.00. They now have a “neutral” rating on the stock.
• 4/17/2024 – Biogen had its price target lowered by analysts at Wedbush from $245.00 to $213.00. They now have a “neutral” rating on the stock.
• 4/12/2024 – Biogen had its price target lowered by analysts at Bank of America Co. from $280.00 to $260.00. They now have a “neutral” rating on the stock.
• 4/11/2024 – Biogen had its price target lowered by analysts at JPMorgan Chase & Co. from $270.00 to $240.00. They now have a “neutral” rating on the stock.
• 4/4/2024 – Biogen had its price target lowered by analysts at Barclays PLC from $230.00 to $215.00. They now have an “equal weight” rating on the stock.
• 4/1/2024 – Biogen had its “outperform” rating reaffirmed by analysts at William Blair.
• 3/25/2024 – Biogen had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $340.00 price target on the stock.
• 3/5/2024 – Biogen had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $364.00 price target on the stock.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $215.50 on Tuesday. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $319.76. The firm has a 50 day moving average of $212.48 and a 200 day moving average of $233.02. The company has a market capitalization of $31.38 billion, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 2.13 and a beta of -0.02. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter last year, the company earned $3.40 earnings per share. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. On average, sell-side analysts predict that Biogen Inc. will post 15.57 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In related news, Director Eric K. Rowinsky acquired 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, with a total value of $101,255.70. Following the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of the firm’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 purchase, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Priya Singhal sold 419 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, 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. Insiders sold 882 shares of company stock valued at $202,030 in the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Institutional investors have recently modified their holdings of 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 acquiring an additional 2,218,744 shares in the last quarter. Norges Bank acquired a new stake in shares of Biogen during the 4th quarter worth approximately $378,728,000. FIL Ltd increased 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 purchasing an additional 593,158 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Biogen by 141.0% in the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares during the period. Finally, International Assets Investment Management LLC raised its position in shares of 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 acquiring an additional 474,992 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.