Biogen (NASDAQ:BIIB) Price Target Cut to $255.00 by Analysts at Oppenheimer

by · The Cerbat Gem

Biogen (NASDAQ:BIIB – Get Free Report) had its target price decreased by investment analysts at Oppenheimer from $270.00 to $255.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer’s price objective indicates a potential upside of 44.59% from the company’s current price.

BIIB has been the subject of several other research reports. HC Wainwright reiterated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 price objective on shares of Biogen in a report on Wednesday. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Wedbush dropped their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. Finally, Barclays decreased their price objective on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Ten equities research 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $262.83.

Read Our Latest Research Report on BIIB

Biogen Price Performance

BIIB traded down $4.82 during trading on Thursday, reaching $176.36. 861,872 shares of the company were exchanged, compared to its average volume of 1,128,382. The company’s 50-day moving average is $193.92 and its two-hundred day moving average is $209.77. The company has a market cap of $25.68 billion, a price-to-earnings ratio of 21.99, a P/E/G ratio of 1.87 and a beta of -0.06. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen has a 12-month low of $174.76 and a 12-month high of $268.30.

Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the company earned $4.36 EPS. Research analysts forecast that Biogen will post 16.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is owned by insiders.

Institutional Trading of Biogen

Several large investors have recently modified their holdings of BIIB. KCM Investment Advisors LLC raised its holdings in Biogen by 1.7% in the 1st 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. grew its position in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the last quarter. TFB Advisors LLC grew its position in Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock worth $530,000 after purchasing an additional 50 shares during the last quarter. QRG Capital Management Inc. grew its position in Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd grew its position in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

About Biogen

(Get Free Report)

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.

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