Biogen (NASDAQ:BIIB) Given New $215.00 Price Target at Wedbush

Biogen (NASDAQ:BIIB) had its price target raised by Wedbush from $213.00 to $215.00 in a report issued on Thursday, 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 equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Biogen from $270.00 to $240.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Royal Bank of Canada reaffirmed an outperform rating and issued a $364.00 price target on shares of Biogen in a research report on Tuesday, March 5th. BMO Capital Markets lowered their price target on shares of Biogen from $295.00 to $285.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Barclays lowered their price target on shares of Biogen from $230.00 to $215.00 and set an equal weight rating for the company in a research report on Thursday, April 4th. Finally, Truist Financial reaffirmed a buy rating and issued a $340.00 price target on shares of Biogen in a research report on Monday, March 25th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $293.88.

Biogen Price Performance

Shares of BIIB stock opened at $202.46 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26. The company has a market capitalization of $29.43 billion, a P/E ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02. The company’s 50-day simple moving average is $212.76 and its two-hundred day simple moving average is $234.17. Biogen has a one year low of $189.44 and a one year high of $319.76.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.40 EPS. As a group, equities analysts anticipate that Biogen will post 15.48 EPS for the current year.

Insider Transactions at Biogen

In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were purchased 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 $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were purchased 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 $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 completion of the sale, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. 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. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Vanguard Group Inc. increased its holdings in Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after buying an additional 2,218,744 shares in the last quarter. Norges Bank purchased a new position in Biogen in the fourth quarter valued at $378,728,000. FIL Ltd increased its holdings in Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after buying an additional 593,158 shares in the last quarter. First Trust Advisors LP increased its holdings in Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after buying an additional 571,795 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Biogen by 24,726.3% in the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock valued at $123,411,000 after buying an additional 474,992 shares in the last quarter. Hedge funds and other 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.