Biogen (NASDAQ:BIIB) Given New $300.00 Price Target at HC Wainwright

Biogen (NASDAQ:BIIB) had its target price trimmed by HC Wainwright from $325.00 to $300.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

BIIB has been the topic of several other reports. Needham & Company LLC reissued a buy rating and set a $294.00 target price on shares of Biogen in a report on Wednesday. Canaccord Genuity Group reduced their target price on Biogen from $310.00 to $305.00 and set a buy rating on the stock in a report on Tuesday, February 20th. Bank of America reduced their target price on Biogen from $280.00 to $260.00 and set a neutral rating on the stock in a report on Friday, April 12th. Wedbush reduced their target price on Biogen from $245.00 to $213.00 and set a neutral rating on the stock in a report on Wednesday, April 17th. Finally, Barclays dropped their price objective on Biogen from $230.00 to $215.00 and set an equal weight rating for the company in a research report on Thursday, April 4th. Ten analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $293.88.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $202.46 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26. The stock’s fifty day moving average price is $212.76 and its two-hundred day moving average price is $234.17. Biogen has a one year low of $189.44 and a one year high of $319.76. The firm has a market cap of $29.43 billion, a price-to-earnings ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the firm posted $3.40 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, equities analysts forecast that Biogen will post 15.48 EPS for the current year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock valued at $202,030 over the last 90 days. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently added to or reduced their stakes in BIIB. OFI Invest Asset Management acquired a new stake in Biogen in the third quarter valued at approximately $26,000. Livelsberger Financial Advisory acquired a new stake in Biogen in the fourth quarter valued at approximately $26,000. Rise Advisors LLC acquired a new stake in Biogen in the first quarter valued at approximately $27,000. Gladius Capital Management LP acquired a new stake in Biogen in the third quarter valued at approximately $28,000. Finally, KB Financial Partners LLC grew its stake in Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 62 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.