Biogen (NASDAQ:BIIB) PT Raised to $215.00 at Wedbush

Biogen (NASDAQ:BIIB) had its price objective raised by Wedbush from $213.00 to $215.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock. Wedbush also issued estimates for Biogen’s Q2 2024 earnings at $3.43 EPS, Q4 2024 earnings at $4.30 EPS, FY2024 earnings at $15.42 EPS, FY2027 earnings at $19.77 EPS and FY2028 earnings at $19.62 EPS.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. decreased their price target on shares of Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research note on Thursday, April 11th. BTIG Research restated a neutral rating on shares of Biogen in a research report on Sunday, January 7th. Mizuho cut their price objective on shares of Biogen from $355.00 to $277.00 and set a buy rating for the company in a research report on Thursday, February 22nd. HC Wainwright cut their price objective on shares of Biogen from $325.00 to $300.00 and set a buy rating for the company in a research report on Thursday. Finally, Truist Financial restated a buy rating and set a $340.00 price objective on shares of Biogen in a research report on Monday, March 25th. Ten investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $293.88.

Biogen Trading Up 3.2 %

Shares of Biogen stock opened at $208.90 on Thursday. The company has a fifty day simple moving average of $212.55 and a 200-day simple moving average of $233.34. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The company has a current ratio of 2.10, a quick ratio of 1.26 and a debt-to-equity ratio of 0.41. The stock has a market cap of $30.42 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 2.13 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.40 EPS. On average, equities analysts forecast that Biogen will post 15.57 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently made changes to their positions in BIIB. AE Wealth Management LLC increased its stake in shares of Biogen by 31.4% in the third quarter. AE Wealth Management LLC now owns 1,666 shares of the biotechnology company’s stock worth $428,000 after buying an additional 398 shares during the last quarter. Impact Partnership Wealth LLC increased its stake in shares of Biogen by 3,433.3% in the third quarter. Impact Partnership Wealth LLC now owns 212 shares of the biotechnology company’s stock worth $54,000 after buying an additional 206 shares during the last quarter. DAVENPORT & Co LLC increased its stake in shares of Biogen by 28.5% in the third quarter. DAVENPORT & Co LLC now owns 1,360 shares of the biotechnology company’s stock worth $350,000 after buying an additional 302 shares during the last quarter. GHP Investment Advisors Inc. increased its stake in shares of Biogen by 5.5% in the third quarter. GHP Investment Advisors Inc. now owns 2,894 shares of the biotechnology company’s stock worth $759,000 after buying an additional 150 shares during the last quarter. Finally, Czech National Bank increased its stake in shares of Biogen by 47.7% in the third quarter. Czech National Bank now owns 25,312 shares of the biotechnology company’s stock worth $6,505,000 after buying an additional 8,178 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

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.