Wedbush Raises Biogen (NASDAQ:BIIB) Price Target to $215.00

Biogen (NASDAQ:BIIB) had its price target upped by Wedbush from $213.00 to $215.00 in a report issued on Thursday, Benzinga reports. Wedbush currently has a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s Q2 2024 earnings at $3.43 EPS, Q4 2024 earnings at $4.30 EPS, FY2024 earnings at $15.42 EPS, FY2027 earnings at $19.77 EPS and FY2028 earnings at $19.62 EPS.

Other equities research analysts have also recently issued reports about the stock. StockNews.com cut shares of Biogen from a buy rating to a hold rating in a research report on Tuesday, February 20th. UBS Group decreased their target price on shares of Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a research report on Wednesday, April 17th. Barclays reduced their price target on shares of 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 (Bofa) reduced their price target on shares of Biogen from $290.00 to $280.00 and set a neutral rating on the stock in a research report on Monday, February 12th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $294.00 price target on shares of Biogen in a research report on Wednesday. Ten analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Biogen currently has an average rating of Moderate Buy and a consensus price target of $293.88.

Biogen Price Performance

Biogen stock opened at $202.46 on Thursday. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The stock has a market capitalization of $29.43 billion, a P/E ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02. The firm’s 50-day moving average is $212.76 and its two-hundred day moving average is $234.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period last year, the company earned $3.40 EPS. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. Equities analysts predict that Biogen will post 15.48 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Eric K. Rowinsky purchased 455 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 completion of the transaction, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now 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. Over the last quarter, insiders sold 882 shares of company stock worth $202,030. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several hedge funds and other institutional investors have recently modified their holdings of the company. Stratos Wealth Partners LTD. boosted its holdings in shares of Biogen by 1.1% during the third quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock valued at $1,036,000 after acquiring an additional 42 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in shares of Biogen by 2.3% during the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock valued at $525,000 after acquiring an additional 45 shares during the period. PAX Financial Group LLC boosted its holdings in shares of Biogen by 2.9% during the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock valued at $405,000 after acquiring an additional 45 shares during the period. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Biogen by 2.4% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock valued at $502,000 after acquiring an additional 45 shares during the period. Finally, Ballentine Partners LLC boosted its holdings in shares of Biogen by 3.2% during the third quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock valued at $393,000 after acquiring an additional 48 shares during the period. 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.