Biogen (NASDAQ:BIIB) Price Target Lowered to $260.00 at Bank of America

Biogen (NASDAQ:BIIB) had its price target decreased by Bank of America from $280.00 to $260.00 in a research report report published on Friday, Benzinga reports. Bank of America currently has a neutral rating on the biotechnology company’s stock.

A number of other equities research analysts have also recently issued reports on BIIB. JPMorgan Chase & Co. cut their target price on Biogen from $270.00 to $240.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. HC Wainwright restated a buy rating and set a $325.00 price objective on shares of Biogen in a research note on Wednesday, February 14th. 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 research note on Thursday, February 22nd. Piper Sandler cut their price objective on shares of Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a research note on Wednesday, February 14th. Finally, UBS Group cut their price objective on shares of Biogen from $276.00 to $250.00 and set a neutral rating on the stock in a research note on Friday, February 16th. Ten analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $298.96.

Biogen Stock Performance

BIIB stock opened at $196.80 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The stock has a market capitalization of $28.61 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 1.66 and a beta of -0.02. Biogen has a 1 year low of $196.40 and a 1 year high of $319.76. The stock’s fifty day moving average is $219.14 and its two-hundred day moving average is $237.31.

Biogen (NASDAQ:BIIB) last posted its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same quarter in the previous year, the business posted $4.05 earnings per share. On average, research analysts predict that Biogen will post 15.45 EPS for the current year.

Insiders Place Their Bets

In related news, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction on 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 acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 882 shares of company stock worth $202,030. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of large investors have recently made changes to their positions in BIIB. Vanguard Group Inc. increased its holdings in shares of Biogen by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares during the period. Norges Bank bought a new stake in shares of Biogen in the 4th quarter valued at approximately $378,728,000. Price T Rowe Associates Inc. MD grew its stake in shares of Biogen by 49.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock valued at $580,627,000 after buying an additional 691,843 shares in the last quarter. FIL Ltd grew its stake in shares of Biogen by 936.4% in the 4th 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. Finally, First Trust Advisors LP grew its stake in shares of Biogen by 141.0% in the 4th 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. 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.