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

Biogen (NASDAQ:BIIB) had its price objective lowered by stock analysts at Barclays from $190.00 to $180.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Barclays‘s target price points to a potential upside of 3.57% from the company’s previous close.

Several other equities research analysts have also recently issued reports on BIIB. Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a report on Monday, September 9th. Scotiabank lowered their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Robert W. Baird lowered their price objective on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Truist Financial reiterated a “buy” rating and issued a $302.00 price objective (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Finally, Wells Fargo & Company lowered their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Ten equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $262.83.

Biogen Price Performance

Shares of Biogen stock opened at $173.79 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen has a twelve month low of $173.14 and a twelve month high of $268.30. The business has a 50-day moving average price of $192.71 and a 200 day moving average price of $209.37. The firm has a market cap of $25.31 billion, a PE ratio of 15.70, a P/E/G ratio of 1.82 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business earned $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. Sell-side analysts predict that Biogen will post 16.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen 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 completion of the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is owned by company insiders.

Institutional Trading of Biogen

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the period. International Assets Investment Management LLC increased its position in Biogen by 19,722.9% during the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock worth $695,870,000 after purchasing an additional 357,181 shares during the period. RA Capital Management L.P. increased its position in Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after purchasing an additional 207,835 shares during the period. SG Americas Securities LLC increased its position in Biogen by 1,227.4% during the 1st quarter. SG Americas Securities LLC now owns 176,262 shares of the biotechnology company’s stock worth $38,007,000 after purchasing an additional 162,983 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Biogen by 27.2% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock worth $123,024,000 after purchasing an additional 122,101 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

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.