Oppenheimer Cuts Biogen (NASDAQ:BIIB) Price Target to $255.00

Biogen (NASDAQ:BIIB) had its price objective reduced by Oppenheimer from $270.00 to $255.00 in a report issued on Thursday, Benzinga reports. Oppenheimer currently has an outperform rating on the biotechnology company’s stock.

Several other research analysts have also recently weighed in on the stock. Robert W. Baird lowered their price target on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. TD Cowen lowered their target price on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday. Barclays reduced their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Royal Bank of Canada lowered their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, Scotiabank reduced their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $262.83.

Biogen Stock Performance

BIIB opened at $173.79 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen has a 12-month low of $173.14 and a 12-month high of $268.30. The business has a 50 day moving average of $192.71 and a 200-day moving average of $209.47. The stock has a market cap of $25.32 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.73 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business posted $4.36 earnings per share. On average, equities research analysts expect that Biogen will post 16.36 earnings per share for the current year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Institutional investors and hedge funds have recently bought and sold shares of the company. KCM Investment Advisors LLC grew its holdings in shares of Biogen by 1.7% during the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after purchasing an additional 48 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 49 shares during the last quarter. TFB Advisors LLC increased its position in Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after acquiring an additional 50 shares during the period. QRG Capital Management Inc. raised its stake in shares of Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after acquiring an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd lifted its holdings in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the period. 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.