Biogen (NASDAQ:BIIB) Price Target Cut to $187.00 by Analysts at HC Wainwright

Biogen (NASDAQ:BIIB) had its price objective lowered by HC Wainwright from $241.00 to $187.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other analysts have also recently weighed in on BIIB. Scotiabank lowered their price objective on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 13th. Argus downgraded Biogen from a “buy” rating to a “hold” rating in a research report on Friday, April 4th. Canaccord Genuity Group cut their price objective on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Royal Bank of Canada raised their price objective on Biogen from $221.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, April 22nd. Finally, HSBC lowered Biogen from a “buy” rating to a “hold” rating and set a $118.00 target price for the company. in a research note on Monday. Twenty investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen currently has an average rating of “Hold” and an average target price of $195.85.

Biogen Trading Up 2.2 %

Shares of BIIB stock opened at $123.53 on Friday. The company has a market capitalization of $18.08 billion, a PE ratio of 11.04, a price-to-earnings-growth ratio of 1.51 and a beta of 0.13. Biogen has a 52-week low of $110.04 and a 52-week high of $238.00. The business’s fifty day moving average is $130.58 and its 200 day moving average is $147.04. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a net margin of 16.87% and a return on equity of 14.98%. The business had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the previous year, the business earned $3.67 EPS. The business’s revenue was up 6.2% on a year-over-year basis. On average, equities research analysts anticipate that Biogen will post 15.83 EPS for the current fiscal year.

Insider Activity at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now directly owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is owned by corporate insiders.

Institutional Trading of Biogen

Hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its position in Biogen by 0.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 43,460 shares of the biotechnology company’s stock valued at $6,646,000 after acquiring an additional 111 shares during the period. Amundi increased its stake in shares of Biogen by 35.6% during the fourth quarter. Amundi now owns 1,216,990 shares of the biotechnology company’s stock valued at $183,461,000 after purchasing an additional 319,478 shares in the last quarter. Centre Asset Management LLC lifted its holdings in shares of Biogen by 7.7% during the fourth quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock valued at $7,880,000 after purchasing an additional 3,698 shares during the last quarter. Integrated Quantitative Investments LLC bought a new stake in shares of Biogen in the 4th quarter worth approximately $407,000. Finally, Nordea Investment Management AB grew its stake in shares of Biogen by 48.0% in the 4th quarter. Nordea Investment Management AB now owns 117,963 shares of the biotechnology company’s stock worth $17,901,000 after buying an additional 38,283 shares during the last quarter. 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.