TD Cowen Issues Pessimistic Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its price objective reduced by research analysts at TD Cowen from $300.00 to $275.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s price objective would suggest a potential upside of 58.24% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. William Blair reiterated an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Piper Sandler decreased their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Mizuho reduced their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Finally, Robert W. Baird dropped their price objective on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Ten research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $262.83.

Biogen Trading Down 0.1 %

NASDAQ BIIB opened at $173.79 on Thursday. Biogen has a 12 month low of $173.14 and a 12 month high of $268.30. The company has a current ratio of 1.26, a quick ratio of 1.48 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average of $192.71 and a 200-day moving average of $209.37. The company has a market cap of $25.31 billion, a PE ratio of 15.70, a PEG ratio of 1.82 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the company posted $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities research analysts anticipate that Biogen will post 16.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several hedge funds and other institutional investors have recently modified their holdings of BIIB. Plato Investment Management Ltd boosted its stake in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Biogen in the second quarter worth about $33,000. EntryPoint Capital LLC bought a new position in shares of Biogen in the first quarter worth about $36,000. Versant Capital Management Inc boosted its stake in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 127 shares during the last quarter. Institutional investors 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.