Biogen (NASDAQ:BIIB) PT Raised to $342.00 at HSBC

Biogen (NASDAQ:BIIB) had its price objective boosted by equities researchers at HSBC from $339.00 to $342.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HSBC’s price target would indicate a potential upside of 57.23% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Oppenheimer reissued an “outperform” rating and issued a $270.00 price objective on shares of Biogen in a research note on Monday, April 29th. Piper Sandler cut their price target on Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. Truist Financial reissued a “buy” rating and set a $340.00 target price on shares of Biogen in a research report on Monday, March 25th. Finally, Bank of America lowered their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, Biogen has a consensus rating of “Moderate Buy” and a consensus target price of $290.92.

Biogen Price Performance

Shares of Biogen stock traded up $4.00 during trading on Friday, reaching $217.51. 1,144,154 shares of the stock traded hands, compared to its average volume of 1,334,818. Biogen has a 52-week low of $189.44 and a 52-week high of $319.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. The business has a fifty day simple moving average of $212.00 and a two-hundred day simple moving average of $232.09. The company has a market capitalization of $31.67 billion, a price-to-earnings ratio of 27.15, a P/E/G ratio of 2.21 and a beta of -0.01.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the firm posted $3.40 earnings per share. Biogen’s revenue for the quarter was down 7.0% compared to the same quarter last year. Sell-side analysts expect that Biogen will post 15.6 EPS for the current year.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Biogen news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 in the last three months. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Large investors have recently modified their holdings of the company. Commonwealth Equity Services LLC boosted its position in Biogen by 1.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 23,416 shares of the biotechnology company’s stock worth $6,018,000 after acquiring an additional 433 shares during the period. Pinnacle Associates Ltd. lifted its holdings in Biogen by 2.5% in the third quarter. Pinnacle Associates Ltd. now owns 4,541 shares of the biotechnology company’s stock worth $1,167,000 after purchasing an additional 112 shares during the period. Raymond James & Associates grew its position in Biogen by 5.6% in the 3rd quarter. Raymond James & Associates now owns 152,260 shares of the biotechnology company’s stock valued at $39,132,000 after buying an additional 8,029 shares in the last quarter. Stratos Wealth Partners LTD. increased its stake in Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock valued at $1,036,000 after buying an additional 42 shares during the period. Finally, Stratos Wealth Advisors LLC raised its position in shares of Biogen by 20.0% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 877 shares of the biotechnology company’s stock worth $225,000 after buying an additional 146 shares in the last quarter. Institutional investors and hedge funds 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.