Robert W. Baird Forecasts Strong Price Appreciation for Biogen (NASDAQ:BIIB) Stock

Biogen (NASDAQ:BIIB) had its price objective upped by Robert W. Baird from $294.00 to $300.00 in a research note published on Friday morning,Benzinga reports. They currently have an outperform rating on the biotechnology company’s stock.

A number of other equities analysts have also commented on the stock. Scotiabank cut their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Raymond James reiterated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Oppenheimer cut their price target on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $270.00 target price on shares of Biogen in a research report on Wednesday, October 30th. Finally, BMO Capital Markets decreased their price target on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Twelve research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average target price of $258.96.

Biogen Trading Down 3.0 %

Shares of BIIB stock opened at $159.99 on Friday. Biogen has a fifty-two week low of $159.60 and a fifty-two week high of $268.30. The firm’s 50 day moving average price is $185.99 and its two-hundred day moving average price is $207.27. The stock has a market cap of $23.31 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.51 and a beta of -0.06. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.36 earnings per share. On average, analysts anticipate that Biogen will post 16.42 EPS for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Hedge funds and other institutional investors have recently made changes to their positions in the company. Plato Investment Management Ltd boosted its holdings in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in Biogen during the 2nd quarter worth $33,000. Ashton Thomas Securities LLC bought a new stake in Biogen during the third quarter valued at about $33,000. EntryPoint Capital LLC acquired a new stake in shares of Biogen in the first quarter valued at about $36,000. Finally, Versant Capital Management Inc lifted its position in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the last quarter. 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.