Biogen (NASDAQ:BIIB) PT Lowered to $205.00 at Wedbush

Biogen (NASDAQ:BIIB) had its price target cut by Wedbush from $210.00 to $205.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s Q3 2024 earnings at $3.38 EPS, Q4 2024 earnings at $3.55 EPS, FY2024 earnings at $15.89 EPS, Q1 2025 earnings at $3.31 EPS, Q2 2025 earnings at $3.17 EPS, Q3 2025 earnings at $3.58 EPS, Q4 2025 earnings at $3.75 EPS, FY2025 earnings at $13.82 EPS, FY2026 earnings at $16.84 EPS, FY2027 earnings at $17.69 EPS and FY2028 earnings at $17.99 EPS.

BIIB has been the topic of a number of other reports. Mizuho decreased their target price on Biogen from $277.00 to $251.00 and set an outperform rating on the stock in a report on Tuesday, August 6th. William Blair reaffirmed an outperform rating on shares of Biogen in a research report on Wednesday, July 3rd. Barclays cut their price objective on Biogen from $200.00 to $190.00 and set an equal weight rating for the company in a research note on Friday, August 2nd. Truist Financial restated a buy rating and set a $302.00 target price (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. Finally, Piper Sandler dropped their price target on shares of Biogen from $335.00 to $313.00 and set an overweight rating for the company in a research report on Friday, July 12th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Biogen presently has a consensus rating of Moderate Buy and a consensus target price of $275.30.

Biogen Stock Performance

Biogen stock opened at $189.07 on Monday. Biogen has a 1-year low of $188.78 and a 1-year high of $269.43. The firm has a market cap of $27.54 billion, a P/E ratio of 23.62, a P/E/G ratio of 1.97 and a beta of -0.06. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average of $206.18 and a 200-day moving average of $214.61.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the firm earned $4.02 EPS. The company’s revenue was up .4% compared to the same quarter last year. Sell-side analysts expect that Biogen will post 16.12 EPS for the current year.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biogen

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Livelsberger Financial Advisory acquired a new stake in Biogen during the 4th quarter valued at $26,000. Plato Investment Management Ltd raised its holdings in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the last quarter. Rise Advisors LLC purchased a new stake in shares of Biogen in the first quarter valued at $27,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Biogen during the second quarter valued at $33,000. Finally, Versant Capital Management Inc increased its position in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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.