Wedbush Trims Biogen (NASDAQ:BIIB) Target Price to $213.00

Biogen (NASDAQ:BIIB) had its price target decreased by Wedbush from $245.00 to $213.00 in a report released on Wednesday morning, Benzinga reports. Wedbush currently has a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s Q1 2024 earnings at $3.25 EPS, Q3 2024 earnings at $4.13 EPS, Q4 2024 earnings at $4.11 EPS, FY2024 earnings at $15.32 EPS, FY2025 earnings at $15.01 EPS, FY2026 earnings at $17.93 EPS, FY2027 earnings at $19.93 EPS and FY2028 earnings at $19.80 EPS.

Other equities research analysts also recently issued reports about the company. Canaccord Genuity Group dropped their price objective on Biogen from $310.00 to $305.00 and set a buy rating on the stock in a report on Tuesday, February 20th. Cantor Fitzgerald reiterated an overweight rating and issued a $311.00 price target on shares of Biogen in a report on Tuesday, February 20th. Needham & Company LLC lowered their price target on Biogen from $305.00 to $300.00 and set a buy rating for the company in a report on Tuesday, February 13th. Bank Of America (Bofa) lowered their price target on Biogen from $290.00 to $280.00 and set a neutral rating for the company in a report on Monday, February 12th. Finally, Wells Fargo & Company downgraded Biogen from an overweight rating to an equal weight rating and lowered their price target for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Biogen has an average rating of Moderate Buy and a consensus price target of $295.58.

Biogen Stock Performance

Biogen stock opened at $194.38 on Wednesday. The stock’s 50-day moving average is $215.23 and its 200-day moving average is $235.83. The company has a market cap of $28.26 billion, a price-to-earnings ratio of 24.36, a price-to-earnings-growth ratio of 1.83 and a beta of -0.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.23). The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same quarter in the previous year, the business posted $4.05 earnings per share. Equities analysts anticipate that Biogen will post 15.48 earnings per share for the current year.

Insider Activity

In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was 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 owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was 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 owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now directly 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 sold a total of 882 shares of company stock worth $202,030 over the last 90 days. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently modified their holdings of the stock. Altshuler Shaham Ltd acquired a new stake in shares of Biogen during the fourth quarter worth $25,000. OFI Invest Asset Management acquired a new position in Biogen during the third quarter valued at $26,000. Livelsberger Financial Advisory acquired a new position in Biogen during the fourth quarter valued at $26,000. Rise Advisors LLC acquired a new position in Biogen during the first quarter valued at $27,000. Finally, Gladius Capital Management LP acquired a new position in Biogen during the third quarter valued at $28,000. 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.