HC Wainwright Cuts Biogen (NASDAQ:BIIB) Price Target to $300.00

Biogen (NASDAQ:BIIB) had its price target decreased by HC Wainwright from $325.00 to $300.00 in a research report released on Thursday, Benzinga reports. HC Wainwright currently has a buy rating on the biotechnology company’s stock.

Other equities research analysts have also issued reports about the stock. Royal Bank of Canada reiterated an outperform rating and set a $364.00 target price on shares of Biogen in a research report on Tuesday, March 5th. Barclays dropped their target price on shares of Biogen from $230.00 to $215.00 and set an equal weight rating for the company in a research report on Thursday, April 4th. Needham & Company LLC reiterated a buy rating and set a $294.00 target price on shares of Biogen in a research report on Wednesday. Piper Sandler dropped their target price on shares of Biogen from $350.00 to $325.00 and set an overweight rating for the company in a research report on Wednesday, February 14th. Finally, Robert W. Baird dropped their target price on shares of Biogen from $333.00 to $316.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, Biogen has a consensus rating of Moderate Buy and a consensus target price of $293.88.

Biogen Price Performance

BIIB stock opened at $208.90 on Thursday. The firm has a 50 day moving average of $212.55 and a 200-day moving average of $233.57. The company has a current ratio of 2.10, a quick ratio of 1.26 and a debt-to-equity ratio of 0.41. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The firm has a market capitalization of $30.42 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 2.06 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the business earned $3.40 earnings per share. Biogen’s revenue was down 7.0% compared to the same quarter last year. As a group, sell-side analysts predict that Biogen will post 15.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Priya Singhal sold 262 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 over the last three months. 0.60% of the stock is owned by company insiders.

Institutional Trading of Biogen

Hedge funds have recently modified their holdings of the business. AE Wealth Management LLC boosted its stake in Biogen by 31.4% in the 3rd quarter. AE Wealth Management LLC now owns 1,666 shares of the biotechnology company’s stock worth $428,000 after purchasing an additional 398 shares in the last quarter. Impact Partnership Wealth LLC boosted its stake in Biogen by 3,433.3% in the 3rd quarter. Impact Partnership Wealth LLC now owns 212 shares of the biotechnology company’s stock worth $54,000 after purchasing an additional 206 shares in the last quarter. DAVENPORT & Co LLC boosted its stake in Biogen by 28.5% in the 3rd quarter. DAVENPORT & Co LLC now owns 1,360 shares of the biotechnology company’s stock worth $350,000 after purchasing an additional 302 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in Biogen by 5.5% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,894 shares of the biotechnology company’s stock worth $759,000 after purchasing an additional 150 shares in the last quarter. Finally, Czech National Bank boosted its stake in Biogen by 47.7% in the 3rd quarter. Czech National Bank now owns 25,312 shares of the biotechnology company’s stock worth $6,505,000 after purchasing an additional 8,178 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Company Profile

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.