Biogen (NASDAQ:BIIB) Given New $270.00 Price Target at Oppenheimer

Biogen (NASDAQ:BIIB) had its target price cut by Oppenheimer from $290.00 to $270.00 in a research note published on Friday, Benzinga reports. They currently have an outperform rating on the biotechnology company’s stock.

Several other analysts also recently issued reports on BIIB. Canaccord Genuity Group reduced their price target on shares of Biogen from $310.00 to $305.00 and set a buy rating on the stock in a report on Tuesday, February 20th. BMO Capital Markets cut their price objective on shares of Biogen from $295.00 to $285.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Truist Financial reissued a buy rating and issued a $340.00 price objective on shares of Biogen in a research report on Monday, March 25th. Barclays cut their price objective 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. Finally, StockNews.com lowered shares of Biogen from a buy rating to a hold rating in a research report on Tuesday, February 20th. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $295.58.

Biogen Stock Up 2.0 %

BIIB stock opened at $194.38 on Friday. The company has a market cap of $28.26 billion, a P/E ratio of 24.36, a P/E/G ratio of 1.81 and a beta of -0.02. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76. The company’s 50-day moving average price is $215.23 and its 200 day moving average price is $235.83. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period last year, the company earned $4.05 EPS. On average, research analysts expect that Biogen will post 15.47 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Priya Singhal sold 262 shares of the company’s 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 completion of the transaction, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Priya Singhal sold 262 shares of the company’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 completion of the transaction, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BIIB. Altshuler Shaham Ltd bought a new position in Biogen during the 4th quarter valued at $25,000. OFI Invest Asset Management bought a new position in Biogen during the 3rd quarter valued at $26,000. Livelsberger Financial Advisory bought a new position in Biogen during the 4th quarter valued at $26,000. Rise Advisors LLC bought a new position in Biogen during the 1st quarter valued at $27,000. Finally, Gladius Capital Management LP bought a new position in Biogen during the 3rd quarter valued at $28,000. 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.