Wedbush Cuts Biogen (NASDAQ:BIIB) Price Target to $213.00

Biogen (NASDAQ:BIIB) had its price target reduced by investment analysts at Wedbush from $245.00 to $213.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Wedbush’s price objective would indicate a potential upside of 10.20% from the stock’s current price.

Several other equities analysts have also recently issued reports on BIIB. BMO Capital Markets reduced their price target on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. StockNews.com cut shares of Biogen from a “buy” rating to a “hold” rating in a research report on Tuesday, February 20th. UBS Group reduced their price target on shares of Biogen from $276.00 to $250.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Bank of America reduced their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Finally, Mizuho cut their price objective on shares of Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Ten research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $297.73.

Biogen Trading Down 1.0 %

Shares of NASDAQ:BIIB traded down $1.87 during midday trading on Wednesday, hitting $193.28. 831,706 shares of the stock traded hands, compared to its average volume of 1,144,317. The stock has a market capitalization of $28.10 billion, a PE ratio of 24.23, a P/E/G ratio of 1.87 and a beta of -0.02. The business’s 50 day moving average is $218.13 and its two-hundred day moving average is $236.87. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. Biogen has a one year low of $193.02 and a one year high of $319.76.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 EPS 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 firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the company posted $4.05 earnings per share. As a group, research analysts forecast that Biogen will post 15.48 earnings per share for the current year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 262 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Eric K. Rowinsky acquired 455 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 882 shares of company stock worth $202,030. Company insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently modified their holdings of BIIB. Altshuler Shaham Ltd purchased a new position in shares of Biogen in the 4th quarter worth $25,000. Livelsberger Financial Advisory purchased a new position in shares of Biogen during the 4th quarter worth about $26,000. OFI Invest Asset Management purchased a new position in shares of Biogen during the 3rd quarter worth about $26,000. Gladius Capital Management LP purchased a new position in shares of Biogen during the 3rd quarter worth about $28,000. Finally, Hexagon Capital Partners LLC boosted its stake in shares of Biogen by 76.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 51 shares during the period. 87.93% of the stock is currently owned by 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.