Biogen (NASDAQ:BIIB) Price Target Raised to $300.00

Biogen (NASDAQ:BIIB) had its price objective lifted by stock analysts at Robert W. Baird from $294.00 to $300.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the biotechnology company’s stock. Robert W. Baird’s price target points to a potential upside of 81.94% from the stock’s previous close.

Several other research firms have also recently commented on BIIB. HC Wainwright reissued a “buy” rating and set a $300.00 target price on shares of Biogen in a research note on Thursday, October 31st. Citigroup initiated coverage on shares of Biogen in a research note on Thursday. They set a “neutral” rating and a $190.00 target price for the company. Royal Bank of Canada reduced their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Finally, Oppenheimer lowered their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Twelve equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Stock Down 0.5 %

Shares of NASDAQ BIIB opened at $164.89 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen has a 52-week low of $163.35 and a 52-week high of $268.30. The stock has a market capitalization of $24.03 billion, a PE ratio of 14.90, a P/E/G ratio of 1.57 and a beta of -0.06. The firm has a fifty day moving average of $187.54 and a 200-day moving average of $208.07.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $4.36 earnings per share. On average, analysts anticipate that Biogen will post 16.4 EPS for the current year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated 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 owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biogen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. QRG Capital Management Inc. boosted its stake in shares of Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after buying an additional 51 shares during the period. Blair William & Co. IL boosted its position in shares of Biogen by 9.6% in the first quarter. Blair William & Co. IL now owns 12,867 shares of the biotechnology company’s stock worth $2,775,000 after acquiring an additional 1,132 shares during the last quarter. Nwam LLC increased its stake in Biogen by 6.3% during the first quarter. Nwam LLC now owns 1,324 shares of the biotechnology company’s stock worth $290,000 after acquiring an additional 78 shares during the last quarter. M&G Plc purchased a new position in shares of Biogen in the 1st quarter valued at $1,856,000. Finally, Nicolet Advisory Services LLC lifted its position in Biogen by 6.9% during the 1st quarter. Nicolet Advisory Services LLC now owns 1,583 shares of the biotechnology company’s stock worth $327,000 after acquiring an additional 102 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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.