Barclays Lowers Biogen (NASDAQ:BIIB) Price Target to $200.00

Biogen (NASDAQ:BIIB) had its price target cut by Barclays from $215.00 to $200.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

A number of other equities analysts also recently weighed in on the stock. Piper Sandler dropped their price target on shares of Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a research note on Wednesday, February 14th. BMO Capital Markets dropped their price target on shares of Biogen from $295.00 to $285.00 and set an outperform rating on the stock in a research note on Wednesday, February 14th. Wedbush upped their price objective on shares of Biogen from $213.00 to $215.00 and gave the stock a neutral rating in a report on Thursday. Robert W. Baird decreased their price objective on shares of Biogen from $333.00 to $316.00 and set an outperform rating for the company in a report on Wednesday, February 14th. Finally, StockNews.com cut shares of Biogen from a buy rating to a hold rating in a report on Tuesday, February 20th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Biogen presently has a consensus rating of Moderate Buy and an average price target of $293.88.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $208.90 on Thursday. The company’s fifty day moving average is $212.55 and its two-hundred day moving average is $233.34. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The company has a market cap of $30.42 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 2.13 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the business posted $3.40 earnings per share. Biogen’s revenue for the quarter was down 7.0% compared to the same quarter last year. Equities analysts expect that Biogen will post 15.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 262 shares of the stock in a transaction dated 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 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 Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred 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 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 accessible through this link. Also, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold 882 shares of company stock valued at $202,030 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Hedge funds have recently modified their holdings of the company. Primecap Management Co. CA increased its holdings in shares of Biogen by 1.6% in the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock valued at $4,208,760,000 after purchasing an additional 251,915 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Biogen by 0.5% in the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after purchasing an additional 27,951 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Biogen by 2.8% in the third quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock valued at $422,276,000 after purchasing an additional 45,437 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Biogen by 4.3% in the third quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock valued at $383,745,000 after purchasing an additional 61,814 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.