Biogen (NASDAQ:BIIB) Price Target Raised to $300.00

Biogen (NASDAQ:BIIB) had its price target boosted by Robert W. Baird from $294.00 to $300.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an outperform rating on the biotechnology company’s stock.

A number of other research analysts have also recently weighed in on BIIB. Needham & Company LLC restated a “buy” rating and issued a $270.00 price objective on shares of Biogen in a report on Wednesday, October 30th. Raymond James restated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Mizuho lowered their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Truist Financial reaffirmed a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Finally, Wells Fargo & Company dropped their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Twelve investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Stock Performance

Shares of BIIB stock opened at $159.99 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The firm has a market cap of $23.31 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.51 and a beta of -0.06. The firm’s 50 day moving average price is $185.99 and its 200-day moving average price is $207.27. Biogen has a one year low of $159.60 and a one year high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the business posted $4.36 earnings per share. As a group, equities research analysts predict that Biogen will post 16.42 EPS for the current year.

Insider Activity

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Biogen by 3.2% during the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after buying an additional 5,270 shares during the period. Arlington Partners LLC grew its position in shares of Biogen by 34.3% in the third quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after purchasing an additional 4,902 shares during the period. Cetera Investment Advisers lifted its position in Biogen by 235.1% during the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after buying an additional 10,425 shares during the period. M&G Plc acquired a new stake in Biogen in the 1st quarter worth about $1,856,000. Finally, National Pension Service increased its stake in shares of Biogen by 10.1% during the 3rd quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock valued at $69,699,000 after acquiring an additional 32,914 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

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.