Biogen (NASDAQ:BIIB) Price Target Cut to $202.00

Biogen (NASDAQ:BIIB) had its price target lowered by UBS Group from $234.00 to $202.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

Other analysts have also recently issued research reports about the company. Scotiabank reduced their price target on Biogen from $275.00 to $244.00 and set a sector outperform rating for the company in a research report on Friday, August 2nd. Royal Bank of Canada reissued an outperform rating and issued a $292.00 target price on shares of Biogen in a report on Thursday, September 19th. William Blair reaffirmed an outperform rating on shares of Biogen in a report on Wednesday, July 3rd. Truist Financial reissued a buy rating and issued a $302.00 price objective (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Finally, Barclays lowered their target price on shares of Biogen from $200.00 to $190.00 and set an equal weight rating on the stock in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Biogen presently has an average rating of Moderate Buy and a consensus target price of $273.78.

Biogen Price Performance

NASDAQ BIIB opened at $185.68 on Thursday. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $27.03 billion, a P/E ratio of 23.18, a PEG ratio of 1.97 and a beta of -0.06. The company has a 50-day moving average price of $200.69 and a 200-day moving average price of $212.83. Biogen has a 52 week low of $183.56 and a 52 week high of $269.43.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the company posted $4.02 EPS. Equities research analysts anticipate that Biogen will post 16.12 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Biogen

Several hedge funds and other institutional investors have recently bought and sold shares of BIIB. KCM Investment Advisors LLC increased its position in Biogen by 1.7% during the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock valued at $637,000 after acquiring an additional 48 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the last quarter. TFB Advisors LLC raised its position in Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock worth $530,000 after purchasing an additional 50 shares during the period. QRG Capital Management Inc. lifted its stake in Biogen by 2.0% in the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd boosted its position in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares during the period. Hedge funds and other institutional investors 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.