Biogen (NASDAQ:BIIB) Price Target Cut to $213.00 by Analysts at Wedbush

Biogen (NASDAQ:BIIBFree Report) had its price target reduced by Wedbush from $245.00 to $213.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s Q3 2024 earnings at $4.13 EPS and FY2024 earnings at $15.32 EPS.

Several other equities research analysts also recently commented on the stock. Piper Sandler dropped their price objective on shares of Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a report on Wednesday, February 14th. Oppenheimer dropped their price objective on shares of Biogen from $295.00 to $290.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Wells Fargo & Company downgraded shares of Biogen from an overweight rating to an equal weight rating and dropped their price objective for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. William Blair reissued an outperform rating on shares of Biogen in a report on Monday, April 1st. Finally, Needham & Company LLC lowered their price target on shares of Biogen from $305.00 to $300.00 and set a buy rating on the stock in a report on Tuesday, February 13th. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $297.73.

Read Our Latest Stock Analysis on BIIB

Biogen Trading Down 1.5 %

NASDAQ BIIB opened at $192.16 on Wednesday. The stock has a market capitalization of $27.93 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 1.86 and a beta of -0.02. Biogen has a one year low of $192.01 and a one year high of $319.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The business’s fifty day moving average is $217.16 and its 200-day moving average is $236.56.

Biogen (NASDAQ:BIIBGet Free Report) last released its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same quarter in the previous year, the firm earned $4.05 earnings per share. Equities research analysts predict that Biogen will post 15.48 EPS for the current year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the transaction, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold 882 shares of company stock valued at $202,030 in the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Hedge funds have recently made changes to their positions in the company. ICICI Prudential Asset Management Co Ltd lifted its holdings in shares of Biogen by 15.0% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after buying an additional 4,693 shares during the period. Boone Capital Management LLC lifted its stake in shares of Biogen by 52.9% during the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after purchasing an additional 33,238 shares during the last quarter. iA Global Asset Management Inc. lifted its stake in shares of Biogen by 35.2% during the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after purchasing an additional 3,145 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of Biogen by 13.8% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock worth $17,577,000 after purchasing an additional 8,291 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC lifted its stake in shares of Biogen by 6.2% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 285 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

About Biogen

(Get Free Report)

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.

Read More

Analyst Recommendations for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.