Biogen (NASDAQ:BIIB) Price Target Cut to $214.00

Biogen (NASDAQ:BIIB) had its target price reduced by UBS Group from $250.00 to $214.00 in a report published on Wednesday, Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

A number of other brokerages have also weighed in on BIIB. Wedbush decreased their price objective on shares of Biogen from $245.00 to $213.00 and set a neutral rating for the company in a report on Wednesday. Barclays reduced their price target on shares of Biogen from $230.00 to $215.00 and set an equal weight rating for the company in a report on Thursday, April 4th. Piper Sandler reduced their price target on shares of Biogen from $350.00 to $325.00 and set an overweight rating for the company in a report on Wednesday, February 14th. BTIG Research restated a neutral rating on shares of Biogen in a report on Sunday, January 7th. Finally, Truist Financial restated a buy rating and issued a $340.00 price target on shares of Biogen in a report on Monday, March 25th. Ten research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $295.58.

Biogen Price Performance

BIIB stock opened at $194.38 on Wednesday. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average price of $215.23 and a 200 day moving average price of $235.83. The stock has a market cap of $28.26 billion, a PE ratio of 24.36, a P/E/G ratio of 1.83 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 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 firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the firm posted $4.05 earnings per share. Equities research analysts anticipate that Biogen will post 15.48 earnings per share for the current year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred 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 owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 882 shares of company stock valued at $202,030. Insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

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

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.