Biogen (NASDAQ:BIIB) Given New $275.00 Price Target at TD Cowen

Biogen (NASDAQ:BIIB) had its price target decreased by analysts at TD Cowen from $300.00 to $275.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s price objective would suggest a potential upside of 56.04% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. Mizuho cut their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Wedbush cut their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Scotiabank cut their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Barclays cut their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Morgan Stanley cut Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $285.00 to $204.00 in a report on Thursday. Ten investment 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 stock. Based on data from MarketBeat, Biogen presently has a consensus rating of “Moderate Buy” and an average target price of $263.88.

Biogen Stock Performance

BIIB stock traded down $4.94 during midday trading on Thursday, hitting $176.24. The stock had a trading volume of 712,053 shares, compared to its average volume of 1,127,672. The firm has a market capitalization of $25.66 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 1.87 and a beta of -0.06. Biogen has a 52 week low of $174.76 and a 52 week high of $268.30. The stock has a 50-day simple moving average of $193.92 and a 200 day simple moving average of $209.77. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

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

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.16% of the company’s stock.

Institutional Trading of Biogen

Several large investors have recently modified their holdings of the stock. 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 worth $25,000 after buying an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Biogen during the 2nd quarter worth $33,000. EntryPoint Capital LLC bought a new stake in shares of Biogen during the 1st quarter worth $36,000. Versant Capital Management Inc lifted its position in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after buying an additional 85 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares during the last quarter. 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.