Biogen (NASDAQ:BIIB) Given New $175.00 Price Target at JPMorgan Chase & Co.

Biogen (NASDAQ:BIIB) had its target price cut by JPMorgan Chase & Co. from $185.00 to $175.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

Other analysts have also recently issued reports about the stock. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Canaccord Genuity Group decreased their price objective on shares of Biogen from $265.00 to $220.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Royal Bank of Canada cut their target price on Biogen from $217.00 to $205.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Scotiabank decreased their price target on Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 13th. Finally, HC Wainwright cut their price objective on Biogen from $241.00 to $187.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Twenty equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Biogen currently has an average rating of “Hold” and a consensus target price of $191.30.

Biogen Price Performance

NASDAQ BIIB opened at $117.21 on Monday. Biogen has a 1 year low of $110.04 and a 1 year high of $238.00. The business’s fifty day moving average is $129.28 and its two-hundred day moving average is $145.57. The stock has a market capitalization of $17.17 billion, a P/E ratio of 10.47, a P/E/G ratio of 1.51 and a beta of 0.12. 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 issued its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). The business had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Biogen had a net margin of 16.87% and a return on equity of 14.98%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.67 EPS. On average, research analysts forecast that Biogen will post 15.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction dated 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 completion of 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Large investors have recently bought and sold shares of the company. Pacer Advisors Inc. raised its stake in Biogen by 13,574.7% during the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after buying an additional 2,648,024 shares during the period. Norges Bank acquired a new stake in shares of Biogen during the fourth quarter worth about $355,569,000. Van ECK Associates Corp grew its position in shares of Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after purchasing an additional 967,523 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its stake in Biogen by 1,663.4% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company’s stock worth $106,813,000 after purchasing an additional 736,301 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock worth $325,537,000 after buying an additional 499,074 shares during the period. Institutional investors own 87.93% of the company’s stock.

About Biogen

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.