Oppenheimer Cuts Biogen (NASDAQ:BIIB) Price Target to $270.00

Biogen (NASDAQ:BIIB) had its price target cut by equities researchers at Oppenheimer from $290.00 to $270.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer’s price objective suggests a potential upside of 41.23% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Robert W. Baird dropped their target price on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Needham & Company LLC lowered their price objective on Biogen from $305.00 to $300.00 and set a “buy” rating on the stock in a research report on Tuesday, February 13th. BMO Capital Markets lowered their price objective on Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Bank of America lowered their price objective on Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Finally, Piper Sandler lowered their price objective on Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $295.58.

Biogen Stock Up 0.3 %

Shares of NASDAQ:BIIB traded up $0.66 on Friday, hitting $191.18. 293,630 shares of the company traded hands, compared to its average volume of 1,144,328. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The stock has a 50 day simple moving average of $216.17 and a 200-day simple moving average of $236.24. The company has a market cap of $27.79 billion, a PE ratio of 23.95, a PEG ratio of 1.83 and a beta of -0.02.

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 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 the consensus estimate of $2.47 billion. During the same quarter in the previous year, the business earned $4.05 earnings per share. As a group, research analysts expect that Biogen will post 15.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction on 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 transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction on 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 transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, with a total value 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. In the last ninety days, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Snowden Capital Advisors LLC raised its holdings in shares of Biogen by 2.5% in the 2nd quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company’s stock valued at $453,000 after buying an additional 39 shares during the period. First Manhattan Co. raised its holdings in shares of Biogen by 33.3% in the 4th quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after buying an additional 40 shares during the period. Systematic Financial Management LP raised its holdings in shares of Biogen by 2.5% in the 1st quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company’s stock valued at $456,000 after buying an additional 40 shares during the period. Stratos Wealth Partners LTD. raised its holdings in shares of Biogen by 1.1% in 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, Sequoia Financial Advisors LLC raised its holdings in shares of Biogen by 2.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock valued at $525,000 after buying an additional 45 shares during the period. 87.93% of the stock is owned by institutional investors and hedge funds.

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.