Biogen (NASDAQ:BIIB) Price Target Cut to $213.00 by Analysts at Wedbush

Biogen (NASDAQ:BIIB) had its target price lowered by Wedbush from $245.00 to $213.00 in a research note published on Wednesday morning, Benzinga reports. Wedbush currently has a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s Q1 2024 earnings at $3.25 EPS, Q3 2024 earnings at $4.13 EPS, Q4 2024 earnings at $4.11 EPS, FY2024 earnings at $15.32 EPS, FY2025 earnings at $15.01 EPS, FY2026 earnings at $17.93 EPS, FY2027 earnings at $19.93 EPS and FY2028 earnings at $19.80 EPS.

Several other research firms have also issued reports on BIIB. Robert W. Baird reduced their price target on Biogen from $333.00 to $316.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. Bank Of America (Bofa) reduced their target price on Biogen from $290.00 to $280.00 and set a neutral rating on the stock in a report on Monday, February 12th. Royal Bank of Canada reiterated an outperform rating and set a $364.00 target price on shares of Biogen in a report on Tuesday, March 5th. UBS Group reduced their target price on Biogen from $276.00 to $250.00 and set a neutral rating on the stock in a report on Friday, February 16th. Finally, Mizuho reduced their target price on Biogen from $355.00 to $277.00 and set a buy rating on the stock in a report on Thursday, February 22nd. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $295.58.

Biogen Stock Up 2.0 %

Shares of BIIB opened at $194.38 on Wednesday. The firm has a market capitalization of $28.26 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 1.83 and a beta of -0.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The business’s fifty day moving average price is $215.23 and its two-hundred day moving average price is $235.83. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76.

Biogen (NASDAQ:BIIB) last posted 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 return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the prior year, the business earned $4.05 earnings per share. On average, analysts predict that Biogen will post 15.48 earnings per share for the current year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Biogen

Institutional investors have recently bought and sold shares of the business. Altshuler Shaham Ltd acquired a new position in Biogen during the fourth quarter worth approximately $25,000. OFI Invest Asset Management acquired a new position in Biogen during the third quarter worth approximately $26,000. Livelsberger Financial Advisory acquired a new position in Biogen during the fourth quarter worth approximately $26,000. Rise Advisors LLC acquired a new position in Biogen during the first quarter worth approximately $27,000. Finally, Gladius Capital Management LP acquired a new position in Biogen during the third quarter worth approximately $28,000. 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.