Biogen (NASDAQ:BIIB) Given New $230.00 Price Target at BMO Capital Markets

Biogen (NASDAQ:BIIB) had its price objective cut by BMO Capital Markets from $260.00 to $230.00 in a research report report published on Thursday, Benzinga reports. They currently have an outperform rating on the biotechnology company’s stock.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company reduced their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Wedbush reduced their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. Piper Sandler dropped their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $285.00 target price on shares of Biogen in a research report on Tuesday, September 24th. Nine investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen has an average rating of “Moderate Buy” and a consensus price target of $271.39.

Biogen Stock Performance

BIIB stock opened at $190.16 on Thursday. The firm has a market cap of $27.69 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. The stock has a 50-day moving average price of $197.09 and a 200-day moving average price of $210.94. Biogen has a 1-year low of $181.31 and a 1-year high of $268.30.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $4.02 earnings per share. As a group, equities research analysts expect that Biogen will post 16.13 earnings per share for the current year.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several institutional investors and hedge funds have recently bought and sold shares of BIIB. Plato Investment Management Ltd lifted its position 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 valued at $25,000 after buying an additional 53 shares during the last quarter. Rise Advisors LLC bought a new stake in Biogen in the 1st quarter valued at about $27,000. Itau Unibanco Holding S.A. purchased a new stake in Biogen during the second quarter valued at about $33,000. EntryPoint Capital LLC bought a new position in Biogen during the first quarter worth about $36,000. Finally, Versant Capital Management Inc boosted its position in Biogen by 123.2% during the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the period. 87.93% of the stock is owned by 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.