Biogen (NASDAQ:BIIB) Price Target Cut to $270.00

Biogen (NASDAQ:BIIB) had its price target reduced by Oppenheimer from $290.00 to $270.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an outperform rating on the biotechnology company’s stock.

Several other brokerages also recently issued reports on BIIB. Royal Bank of Canada reissued an outperform rating and set a $364.00 target price on shares of Biogen in a research note on Tuesday, March 5th. Mizuho lowered their price target on shares of Biogen from $355.00 to $277.00 and set a buy rating on the stock in a report on Thursday, February 22nd. UBS Group lowered their price target on shares of Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a report on Wednesday, April 17th. Robert W. Baird lowered their price target on shares of Biogen from $333.00 to $316.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Finally, BMO Capital Markets lowered their price target on shares of Biogen from $295.00 to $285.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Ten investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $295.58.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $194.11 on Friday. The company has a market cap of $28.22 billion, a PE ratio of 24.32, a P/E/G ratio of 1.85 and a beta of -0.02. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The stock has a 50 day simple moving average of $214.22 and a 200-day simple moving average of $235.11.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period last year, the firm earned $4.05 earnings per share. On average, equities research analysts forecast that Biogen will post 15.48 EPS for the current year.

Insider Buying and Selling at Biogen

In other 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 completion of the transaction, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other 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 completion of the transaction, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were bought 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 disclosure for this purchase can be found here. Insiders sold 882 shares of company stock worth $202,030 over the last ninety days. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BIIB. International Assets Investment Management LLC raised its position in Biogen by 119.3% in the third quarter. International Assets Investment Management LLC now owns 1,921 shares of the biotechnology company’s stock worth $495,000 after purchasing an additional 1,045 shares in the last quarter. AE Wealth Management LLC raised its position in Biogen by 31.4% in the third quarter. AE Wealth Management LLC now owns 1,666 shares of the biotechnology company’s stock worth $428,000 after purchasing an additional 398 shares in the last quarter. Moody National Bank Trust Division raised its position in Biogen by 3.8% in the third quarter. Moody National Bank Trust Division now owns 1,485 shares of the biotechnology company’s stock worth $382,000 after purchasing an additional 54 shares in the last quarter. HB Wealth Management LLC raised its position in Biogen by 13.2% in the third quarter. HB Wealth Management LLC now owns 1,660 shares of the biotechnology company’s stock worth $427,000 after purchasing an additional 194 shares in the last quarter. Finally, PFG Advisors raised its position in Biogen by 6.3% in the third quarter. PFG Advisors now owns 985 shares of the biotechnology company’s stock worth $253,000 after purchasing an additional 58 shares in 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.