Biogen (NASDAQ:BIIB) PT Lowered to $270.00 at Oppenheimer

Biogen (NASDAQ:BIIB) had its target price cut by investment analysts at Oppenheimer from $290.00 to $270.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer’s target price points to a potential upside of 41.23% from the company’s previous close.

BIIB has been the topic of a number of other reports. Barclays dropped their target price on Biogen from $230.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 4th. Bank of America dropped their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. UBS Group decreased their price target on Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research note on Wednesday. Bank Of America (Bofa) decreased their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research note on Monday, February 12th. Finally, Truist Financial reiterated a “buy” rating and issued a $340.00 price target on shares of Biogen in a research note on Monday, March 25th. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $295.58.

Biogen Stock Up 0.3 %

NASDAQ:BIIB traded up $0.66 during mid-day trading on Friday, hitting $191.18. The company had a trading volume of 293,630 shares, compared to its average volume of 1,144,328. The business has a fifty day simple moving average of $216.17 and a 200-day simple moving average of $236.24. 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 1 year low of $189.44 and a 1 year high of $319.76. The firm has a market capitalization of $27.79 billion, a price-to-earnings ratio of 23.95, a PEG ratio of 1.83 and a beta of -0.02.

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 analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the previous year, the firm posted $4.05 earnings per share. Equities analysts forecast that Biogen will post 15.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 882 shares of company stock valued at $202,030. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several institutional investors and hedge funds have recently modified their holdings of the stock. ICICI Prudential Asset Management Co Ltd boosted its holdings in Biogen by 15.0% in the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after purchasing an additional 4,693 shares in the last quarter. Boone Capital Management LLC boosted its holdings in Biogen by 52.9% in the third quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after purchasing an additional 33,238 shares in the last quarter. iA Global Asset Management Inc. boosted its holdings in Biogen by 35.2% in the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after purchasing an additional 3,145 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Biogen by 13.8% in the third quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock worth $17,577,000 after purchasing an additional 8,291 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC lifted its position in Biogen by 6.2% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after acquiring an additional 285 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other 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.