Biogen (NASDAQ:BIIB) Price Target Raised to $194.00

Biogen (NASDAQ:BIIB) had its price objective upped by HC Wainwright from $187.00 to $194.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $115.00 price objective on shares of Biogen in a research note on Thursday, June 12th. Needham & Company LLC restated a “hold” rating on shares of Biogen in a research report on Thursday, June 12th. JPMorgan Chase & Co. reduced their price objective on Biogen from $185.00 to $175.00 and set a “neutral” rating on the stock in a research note on Monday, May 5th. Hsbc Global Res lowered Biogen from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 28th. Finally, The Goldman Sachs Group reduced their price target on Biogen from $219.00 to $197.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Twenty-one research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $185.63.

Biogen Trading Up 3.1%

Shares of BIIB stock opened at $131.95 on Friday. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. The firm has a market cap of $19.35 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 1.78 and a beta of 0.13. The business has a 50-day moving average price of $129.84 and a two-hundred day moving average price of $131.69. Biogen has a 12-month low of $110.04 and a 12-month high of $213.50.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.93 by $1.54. The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%. Biogen’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.28 EPS. Equities analysts anticipate that Biogen will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the company’s stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. This represents a 25.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.18% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BIIB. AQR Capital Management LLC raised its holdings in Biogen by 153.6% in the 1st quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company’s stock worth $187,258,000 after purchasing an additional 829,150 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Biogen by 1,663.4% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company’s stock worth $106,813,000 after acquiring an additional 736,301 shares in the last quarter. Invesco Ltd. increased its stake in shares of Biogen by 30.6% in the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock worth $325,537,000 after acquiring an additional 499,074 shares in the last quarter. Deutsche Bank AG increased its stake in shares of Biogen by 63.7% in the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company’s stock worth $178,851,000 after acquiring an additional 455,285 shares in the last quarter. Finally, AustralianSuper Pty Ltd bought a new position in shares of Biogen in the 1st quarter worth about $54,421,000. 87.93% of the stock is currently 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.