BMO Capital Markets Trims Biogen (NASDAQ:BIIB) Target Price to $230.00

Biogen (NASDAQ:BIIB) had its target price cut by BMO Capital Markets from $260.00 to $230.00 in a research note released on Thursday morning, Benzinga reports. They currently have an outperform rating on the biotechnology company’s stock.

BIIB has been the subject of several other reports. Wells Fargo & Company cut their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Needham & Company LLC reiterated a “buy” rating and set a $285.00 price objective on shares of Biogen in a research report on Tuesday, September 24th. Robert W. Baird dropped their target price on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Finally, Barclays decreased 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 note on Friday, August 2nd. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Biogen has an average rating of “Moderate Buy” and an average target price of $271.39.

Biogen Stock Up 0.3 %

BIIB stock opened at $190.16 on Thursday. Biogen has a 1-year low of $181.31 and a 1-year high of $268.30. The business’s 50 day simple moving average is $197.09 and its 200 day simple moving average is $210.90. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $27.69 billion, a PE ratio of 23.74, a PEG ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $4.02 earnings per share. As a group, research analysts anticipate that Biogen will post 16.13 EPS for the current year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BIIB. Vanguard Group Inc. boosted its holdings in shares of Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after acquiring an additional 2,163,068 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Biogen by 22.2% during the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after purchasing an additional 316,144 shares in the last quarter. RA Capital Management L.P. grew its holdings in shares of Biogen by 39.0% during the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after purchasing an additional 207,835 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Biogen by 1,227.4% in the first quarter. SG Americas Securities LLC now owns 176,262 shares of the biotechnology company’s stock valued at $38,007,000 after buying an additional 162,983 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Biogen by 27.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock valued at $123,024,000 after buying an additional 122,101 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.