Wedbush Trims Biogen (NASDAQ:BIIB) Target Price to $205.00

Biogen (NASDAQ:BIIB) had its price objective decreased by Wedbush from $210.00 to $205.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Wedbush’s price objective points to a potential upside of 4.33% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Mizuho dropped their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Barclays dropped their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $285.00 price objective on shares of Biogen in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 target price on shares of Biogen in a research note on Monday, September 9th. Finally, Truist Financial restated a “buy” rating and issued a $302.00 price target (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $275.30.

Biogen Stock Performance

NASDAQ BIIB traded down $2.87 on Monday, reaching $196.49. 85,735 shares of the company’s stock traded hands, compared to its average volume of 1,102,170. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The firm has a market cap of $28.61 billion, a price-to-earnings ratio of 24.57, a P/E/G ratio of 2.01 and a beta of -0.06. The stock has a 50 day moving average price of $207.31 and a 200-day moving average price of $214.98.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.02 EPS. Equities research analysts predict that Biogen will post 16.12 EPS for the current fiscal year.

Insider Activity

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd increased its position in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the last quarter. Livelsberger Financial Advisory acquired a new stake in shares of Biogen during the fourth quarter valued at about $26,000. Rise Advisors LLC purchased a new stake in shares of Biogen in the 1st quarter valued at approximately $27,000. Itau Unibanco Holding S.A. acquired a new position in shares of Biogen in the 2nd quarter worth approximately $33,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Biogen during the 1st quarter worth approximately $36,000. Institutional investors and hedge funds 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.