Biogen (NASDAQ:BIIB) Price Target Cut to $200.00

Biogen (NASDAQ:BIIB) had its price objective dropped by equities research analysts at Barclays from $215.00 to $200.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Barclays‘s price target would suggest a potential downside of 1.15% from the stock’s current price.

BIIB has been the subject of a number of other reports. Mizuho cut their target price on Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Bank of America cut their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. JPMorgan Chase & Co. cut their target price on Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. Finally, HC Wainwright cut their target price on Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday. Ten analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $293.88.

Biogen Stock Performance

BIIB traded up $0.34 during trading on Thursday, hitting $202.33. The stock had a trading volume of 941,622 shares, compared to its average volume of 1,188,205. The company has a 50 day moving average price of $213.18 and a 200-day moving average price of $234.39. The firm has a market cap of $29.41 billion, a price-to-earnings ratio of 25.38, a P/E/G ratio of 1.84 and a beta of -0.02. Biogen has a one year low of $189.44 and a one year high of $319.76. 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 (NASDAQ:BIIB) last released its quarterly 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 the consensus estimate of $2.31 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.40 EPS. As a group, research analysts predict that Biogen will post 15.47 EPS for the current year.

Insider Activity

In related news, Director Eric K. Rowinsky purchased 455 shares of the firm’s stock in a transaction dated 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 owns 20,629 shares in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was acquired 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 of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 882 shares of company stock valued at $202,030. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several large investors have recently added to or reduced their stakes in the business. Stratos Wealth Partners LTD. boosted its holdings in Biogen by 1.1% in the third quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after acquiring an additional 42 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Biogen by 2.3% in the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after acquiring an additional 45 shares in the last quarter. PAX Financial Group LLC boosted its holdings in Biogen by 2.9% in the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock worth $405,000 after acquiring an additional 45 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in Biogen by 2.4% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock worth $502,000 after acquiring an additional 45 shares in the last quarter. Finally, Ballentine Partners LLC lifted its holdings in shares of Biogen by 3.2% in the third quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock valued at $393,000 after purchasing an additional 48 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.