Biogen (NASDAQ:BIIB) Given New $205.00 Price Target at Wedbush

Biogen (NASDAQ:BIIB) had its target price trimmed by Wedbush from $210.00 to $205.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock.

Other equities research analysts also recently issued reports about the stock. Barclays reduced their price objective on shares of Biogen from $200.00 to $190.00 and set an equal weight rating for the company in a research report on Friday, August 2nd. Mizuho reduced their target price 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. William Blair reissued an outperform rating on shares of Biogen in a research report on Wednesday, July 3rd. StockNews.com upgraded shares of Biogen from a buy rating to a strong-buy rating in a research note on Monday, September 2nd. Finally, Piper Sandler lowered their target price on shares of Biogen from $335.00 to $313.00 and set an overweight rating on the stock in a research note on Friday, July 12th. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Biogen presently has a consensus rating of Moderate Buy and a consensus target price of $275.30.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $195.81 on Monday. The firm’s 50-day moving average price is $206.79 and its 200-day moving average price is $214.82. Biogen has a 1-year low of $189.44 and a 1-year high of $269.43. The firm has a market capitalization of $28.51 billion, a P/E ratio of 24.45, a P/E/G ratio of 2.01 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.

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

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently modified their holdings of BIIB. Plato Investment Management Ltd lifted its position in Biogen by 82.8% during 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 purchased a new position in Biogen during the 4th quarter valued at about $26,000. Rise Advisors LLC purchased a new position in Biogen during the 1st quarter valued at about $27,000. Itau Unibanco Holding S.A. purchased a new position in Biogen during the 2nd quarter valued at about $33,000. Finally, EntryPoint Capital LLC purchased a new position in Biogen during the 1st quarter valued at about $36,000. 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.