TD Cowen Cuts Biogen (NASDAQ:BIIB) Price Target to $275.00

Biogen (NASDAQ:BIIB) had its target price decreased by TD Cowen from $300.00 to $275.00 in a report released on Thursday morning, Benzinga reports. TD Cowen currently has a buy rating on the biotechnology company’s stock.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $285.00 to $204.00 in a report on Thursday. Truist Financial reiterated a “buy” rating and issued a $302.00 price target (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. UBS Group cut their price objective on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $270.00 price target on shares of Biogen in a research note on Wednesday, October 30th. Ten analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $262.83.

Biogen Trading Down 0.1 %

Shares of BIIB stock opened at $173.79 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.48 and a current ratio of 1.26. The stock has a fifty day simple moving average of $192.71 and a two-hundred day simple moving average of $209.59. The firm has a market capitalization of $25.32 billion, a PE ratio of 15.70, a PEG ratio of 1.73 and a beta of -0.06. Biogen has a 52-week low of $173.14 and a 52-week high of $268.30.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the business posted $4.36 earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. On average, analysts predict that Biogen will post 16.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Institutional investors have recently made changes to their positions in the company. AIA Group Ltd boosted its position in Biogen by 10.6% during the 3rd quarter. AIA Group Ltd now owns 1,411 shares of the biotechnology company’s stock valued at $274,000 after acquiring an additional 135 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Biogen by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock worth $32,687,000 after purchasing an additional 5,270 shares during the last quarter. Sentry Investment Management LLC boosted its position in Biogen by 62.3% during the third quarter. Sentry Investment Management LLC now owns 685 shares of the biotechnology company’s stock valued at $133,000 after purchasing an additional 263 shares in the last quarter. Stoneridge Investment Partners LLC raised its holdings in Biogen by 10.6% in the third quarter. Stoneridge Investment Partners LLC now owns 33,799 shares of the biotechnology company’s stock worth $6,552,000 after purchasing an additional 3,244 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted its position in shares of Biogen by 321.8% during the third quarter. Catalyst Capital Advisors LLC now owns 599 shares of the biotechnology company’s stock valued at $116,000 after buying an additional 457 shares during 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.