Biogen (NASDAQ:BIIB) PT Lowered to $269.00

Biogen (NASDAQ:BIIB) had its price target decreased by research analysts at Royal Bank of Canada from $292.00 to $269.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 44.87% from the stock’s previous close.

A number of other equities analysts also recently weighed in on BIIB. Wedbush lowered their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Wells Fargo & Company dropped their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Mizuho reduced their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Finally, Scotiabank cut their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $273.78.

Biogen Trading Up 0.5 %

Biogen stock opened at $185.68 on Friday. The company has a market cap of $27.03 billion, a price-to-earnings ratio of 23.18, a P/E/G ratio of 1.97 and a beta of -0.06. The firm has a 50-day moving average of $200.69 and a 200-day moving average of $212.83. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. Biogen has a one year low of $183.56 and a one year high of $269.43.

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

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 3rd. The stock was 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 of the company’s stock, valued at $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biogen

Several hedge funds have recently bought and sold shares of the company. Plato Investment Management Ltd boosted its position in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares in the last quarter. Livelsberger Financial Advisory acquired a new stake in shares of Biogen in the 4th quarter valued at $26,000. Rise Advisors LLC bought a new position in shares of Biogen in the 1st quarter valued at $27,000. Itau Unibanco Holding S.A. acquired a new position in shares of Biogen during the 2nd quarter worth $33,000. Finally, EntryPoint Capital LLC bought a new stake in shares of Biogen during the 1st quarter worth $36,000. 87.93% of the stock is owned by 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.