Barclays Issues Pessimistic Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its target price dropped by equities researchers at Barclays from $190.00 to $180.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Barclays‘s target price indicates a potential upside of 2.06% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the company. Wells Fargo & Company dropped their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Truist Financial reissued a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. UBS Group lowered their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $270.00 target price on shares of Biogen in a research note on Wednesday. Ten research 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $262.83.

Biogen Trading Down 2.7 %

Biogen stock traded down $4.82 during trading on Thursday, reaching $176.36. 861,872 shares of the company were exchanged, compared to its average volume of 1,128,382. Biogen has a 52-week low of $174.76 and a 52-week high of $268.30. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The company has a market capitalization of $25.68 billion, a P/E ratio of 21.99, a PEG ratio of 1.87 and a beta of -0.06. The stock’s 50 day simple moving average is $193.92 and its two-hundred day simple moving average is $209.77.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the business earned $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities research analysts expect that Biogen will post 16.14 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In related 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 sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Hedge funds have recently modified their holdings of the company. Plato Investment Management Ltd lifted its holdings in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the period. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen during the second quarter valued at approximately $33,000. EntryPoint Capital LLC purchased a new stake in shares of Biogen during the first quarter valued at approximately $36,000. Versant Capital Management Inc raised its stake in shares of 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 purchasing an additional 85 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 127 shares during the period. 87.93% of the stock is 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.