Biogen (NASDAQ:BIIB) Price Target Raised to $300.00 at Robert W. Baird

Biogen (NASDAQ:BIIB) had its price target increased by Robert W. Baird from $294.00 to $300.00 in a research report report published on Friday,Benzinga reports. Robert W. Baird currently has an outperform rating on the biotechnology company’s stock.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company dropped their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Royal Bank of Canada dropped their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Wedbush dropped their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Oppenheimer dropped their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and set a $270.00 target price on shares of Biogen in a research report on Wednesday, October 30th. Twelve research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Stock Down 3.0 %

Shares of BIIB traded down $4.90 during trading hours on Friday, hitting $159.99. The stock had a trading volume of 1,917,074 shares, compared to its average volume of 1,169,550. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The firm has a 50 day simple moving average of $185.99 and a 200-day simple moving average of $207.38. The firm has a market capitalization of $23.31 billion, a P/E ratio of 14.45, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. Biogen has a 1-year low of $159.60 and a 1-year high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.36 EPS. Sell-side analysts predict that Biogen will post 16.4 EPS for the current fiscal year.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Biogen by 15.0% in the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after acquiring an additional 2,163,068 shares in the last quarter. Primecap Management Co. CA grew its position in Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after acquiring an additional 117,578 shares in the last quarter. State Street Corp grew its position in Biogen by 3.5% in the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after acquiring an additional 248,942 shares in the last quarter. Geode Capital Management LLC grew its position in Biogen by 1.3% in the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after acquiring an additional 47,055 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Biogen by 5.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after acquiring an additional 81,283 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

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.