Biogen (NASDAQ:BIIB) Price Target Cut to $313.00

Biogen (NASDAQ:BIIB) had its price target dropped by research analysts at Piper Sandler from $335.00 to $313.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price target would suggest a potential upside of 32.18% from the stock’s current price.

BIIB has been the subject of several other research reports. JPMorgan Chase & Co. dropped their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Oppenheimer restated an “outperform” rating and issued a $270.00 price objective on shares of Biogen in a research report on Monday, April 29th. UBS Group reduced their target price on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Finally, Wedbush upped their target price on shares of Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $286.00.

Biogen Trading Up 1.7 %

Shares of NASDAQ:BIIB opened at $236.80 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The stock’s 50-day moving average is $226.25 and its 200-day moving average is $227.24. The company has a market cap of $34.48 billion, a P/E ratio of 29.56, a P/E/G ratio of 2.34 and a beta of -0.04. Biogen has a 52-week low of $189.44 and a 52-week high of $281.68.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $3.40 earnings per share. Equities research analysts predict that Biogen will post 15.63 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BIIB. Plato Investment Management Ltd raised its holdings in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the period. Livelsberger Financial Advisory bought a new position in shares of Biogen during the fourth quarter worth approximately $26,000. Rise Advisors LLC bought a new position in shares of Biogen during the first quarter worth approximately $27,000. Hexagon Capital Partners LLC increased its holdings in shares of Biogen by 76.1% during the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 51 shares during the period. Finally, CVA Family Office LLC bought a new position in shares of Biogen during the fourth quarter worth approximately $36,000. 87.93% of the stock is owned by 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.