Wedbush Cuts Biogen (NASDAQ:BIIB) Price Target to $213.00

Biogen (NASDAQ:BIIB) had its price objective decreased by investment analysts at Wedbush from $245.00 to $213.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. Wedbush’s price target would indicate a potential upside of 10.20% from the company’s current price.

A number of other research firms also recently commented on BIIB. Piper Sandler dropped their price objective on Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. Mizuho cut their target price on Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. UBS Group cut their target price on Biogen from $276.00 to $250.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Oppenheimer cut their target price on Biogen from $295.00 to $290.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $325.00 target price on shares of Biogen in a research report on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $297.73.

Biogen Stock Performance

BIIB stock traded down $1.87 during trading on Wednesday, reaching $193.28. 831,706 shares of the company’s stock were exchanged, compared to its average volume of 1,144,317. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. Biogen has a 1-year low of $193.02 and a 1-year high of $319.76. The company’s fifty day moving average price is $218.13 and its 200-day moving average price is $236.87. The firm has a market cap of $28.10 billion, a PE ratio of 24.23, a P/E/G ratio of 1.87 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the firm posted $4.05 EPS. On average, research analysts expect that Biogen will post 15.48 EPS for the current fiscal year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last quarter, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Biogen by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after buying an additional 2,218,744 shares in the last quarter. Norges Bank acquired a new position in shares of Biogen in the 4th quarter worth approximately $378,728,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Biogen by 49.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after buying an additional 691,843 shares in the last quarter. FIL Ltd grew its position in Biogen by 936.4% during the 4th quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock worth $169,883,000 after acquiring an additional 593,158 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Biogen by 141.0% during the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after acquiring an additional 571,795 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.