Biogen (NASDAQ:BIIB) PT Lowered to $270.00 at Oppenheimer

Biogen (NASDAQ:BIIB) had its price target decreased by Oppenheimer from $290.00 to $270.00 in a report published on Friday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the biotechnology company’s stock.

Several other research firms have also recently weighed in on BIIB. William Blair reissued an outperform rating on shares of Biogen in a research note on Monday, April 1st. UBS Group cut their price target on Biogen from $250.00 to $214.00 and set a neutral rating for the company in a report on Wednesday. Piper Sandler cut their price target on Biogen from $350.00 to $325.00 and set an overweight rating for the company in a report on Wednesday, February 14th. Truist Financial reaffirmed a buy rating and set a $340.00 price target on shares of Biogen in a report on Monday, March 25th. Finally, Barclays cut their price target on Biogen from $230.00 to $215.00 and set an equal weight rating for the company in a report on Thursday, April 4th. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, Biogen currently has a consensus rating of Moderate Buy and a consensus target price of $295.58.

Biogen Price Performance

Shares of BIIB opened at $194.38 on Friday. The stock has a market capitalization of $28.26 billion, a P/E ratio of 24.36, a P/E/G ratio of 1.81 and a beta of -0.02. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The company has a 50 day moving average of $215.23 and a 200-day moving average of $235.83. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period in the prior year, the business earned $4.05 earnings per share. As a group, equities research analysts forecast that Biogen will post 15.47 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 over the last 90 days. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several institutional investors have recently added to or reduced their stakes in BIIB. Vanguard Group Inc. lifted its stake in Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after buying an additional 2,218,744 shares during the period. Norges Bank acquired a new position in shares of Biogen during the fourth quarter worth approximately $378,728,000. Price T Rowe Associates Inc. MD raised its position in shares of Biogen by 49.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after purchasing an additional 691,843 shares during the period. FIL Ltd raised its position in shares of Biogen by 936.4% during the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock worth $169,883,000 after purchasing an additional 593,158 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after purchasing an additional 571,795 shares during the period. 87.93% of the stock is owned by institutional investors and hedge funds.

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.