Biogen (NASDAQ:BIIB) Price Target Cut to $210.00

Biogen (NASDAQ:BIIB) had its price objective reduced by investment analysts at Wedbush from $215.00 to $210.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Wedbush’s price target suggests a potential upside of 1.57% from the stock’s previous close.

Several other research firms have also commented on BIIB. Truist Financial restated a “buy” rating and issued a $340.00 price target on shares of Biogen in a report on Thursday, May 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $317.00 price objective on shares of Biogen in a research note on Wednesday, June 26th. Bank of America dropped their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. JPMorgan Chase & Co. cut their price target on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $288.00 target price on shares of Biogen in a research note on Thursday. Ten equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $282.35.

Biogen Trading Down 1.9 %

Shares of NASDAQ BIIB traded down $3.95 during trading hours on Friday, reaching $206.75. The stock had a trading volume of 257,869 shares, compared to its average volume of 1,139,411. Biogen has a 52-week low of $189.44 and a 52-week high of $278.95. The firm has a market cap of $30.10 billion, a price-to-earnings ratio of 26.01, a P/E/G ratio of 2.15 and a beta of -0.04. The business’s fifty day moving average price is $225.25 and its two-hundred day moving average price is $223.43. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41.

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 the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business earned $4.02 EPS. Analysts expect that Biogen will post 15.61 EPS for the current fiscal year.

Institutional Trading of Biogen

Institutional investors and hedge funds have recently bought and sold shares of the business. KCM Investment Advisors LLC increased its stake in shares of Biogen by 1.7% in the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after acquiring an additional 48 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares during the last quarter. Massachusetts Wealth Management lifted its holdings in shares of Biogen by 1.6% in the 4th quarter. Massachusetts Wealth Management now owns 3,250 shares of the biotechnology company’s stock valued at $841,000 after buying an additional 50 shares during the period. TFB Advisors LLC lifted its holdings in shares of Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after buying an additional 50 shares during the period. Finally, DGS Capital Management LLC boosted its stake in shares of Biogen by 4.2% in the fourth quarter. DGS Capital Management LLC now owns 1,265 shares of the biotechnology company’s stock worth $327,000 after buying an additional 51 shares during the last quarter. 87.93% of the stock is currently 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.