Biogen (NASDAQ:BIIB) Price Target Lowered to $260.00 at Bank of America

Biogen (NASDAQ:BIIB) had its target price decreased by Bank of America from $280.00 to $260.00 in a research note published on Friday morning, Benzinga reports. Bank of America currently has a neutral rating on the biotechnology company’s stock.

BIIB has been the subject of several other reports. William Blair reaffirmed an outperform rating on shares of Biogen in a research note on Monday, April 1st. Piper Sandler lowered their price target on Biogen from $350.00 to $325.00 and set an overweight rating for the company in a research report on Wednesday, February 14th. Truist Financial reiterated a buy rating and issued a $340.00 price objective on shares of Biogen in a research report on Monday, March 25th. Wells Fargo & Company downgraded Biogen from an overweight rating to an equal weight rating and decreased their target price for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. Finally, UBS Group dropped their price target on Biogen from $276.00 to $250.00 and set a neutral rating for the company in a research note on Friday, February 16th. Ten research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $298.96.

Biogen Price Performance

BIIB opened at $196.80 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The stock’s 50 day simple moving average is $219.14 and its 200 day simple moving average is $237.31. The firm has a market cap of $28.61 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 1.66 and a beta of -0.02. Biogen has a 1 year low of $196.40 and a 1 year high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period last year, the company posted $4.05 EPS. As a group, analysts predict that Biogen will post 15.45 earnings per share for the current year.

Insider Buying and Selling at Biogen

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

Institutional Investors Weigh In On Biogen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd acquired a new stake in shares of Biogen during the 4th quarter valued at about $25,000. Livelsberger Financial Advisory acquired a new stake in shares of Biogen during the 4th quarter valued at about $26,000. OFI Invest Asset Management purchased a new position in Biogen in the 3rd quarter valued at about $26,000. Gladius Capital Management LP purchased a new position in Biogen in the 3rd quarter valued at about $29,000. Finally, Hexagon Capital Partners LLC lifted its stake in Biogen by 76.1% in the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 51 shares in the last quarter. 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.