JPMorgan Chase & Co. Issues Pessimistic Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its target price reduced by analysts at JPMorgan Chase & Co. from $220.00 to $210.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 18.69% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Scotiabank cut their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Cantor Fitzgerald restated an “overweight” rating and set a $292.00 price target on shares of Biogen in a report on Monday, September 9th. UBS Group dropped their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Wells Fargo & Company reduced their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $300.00 price target on shares of Biogen in a research note on Thursday, October 31st. Ten investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $261.58.

Biogen Stock Performance

Biogen stock opened at $176.93 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market cap of $25.78 billion, a PE ratio of 15.98, a P/E/G ratio of 1.65 and a beta of -0.06. Biogen has a 12-month low of $170.71 and a 12-month high of $268.30. The business’s 50-day moving average price is $191.56 and its two-hundred day moving average price is $209.34.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the company earned $4.36 EPS. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, analysts expect that Biogen will post 16.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction dated 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 sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Institutional investors have recently modified their holdings of the business. Plato Investment Management Ltd boosted its position in Biogen by 82.8% in the first 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. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen in the 2nd quarter worth about $33,000. Versant Capital Management Inc grew its position in Biogen by 123.2% during the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 85 shares during the period. EntryPoint Capital LLC purchased a new stake in Biogen during the first quarter worth about $36,000. Finally, Ashton Thomas Securities LLC bought a new stake in Biogen in the third quarter worth about $33,000. 87.93% of the stock is owned by institutional investors.

About Biogen

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.