Biogen (NASDAQ:BIIB) Price Target Cut to $313.00

Biogen (NASDAQ:BIIB) had its target price reduced by Piper Sandler from $335.00 to $313.00 in a research report report published on Friday morning, Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

BIIB has been the subject of several other research reports. Oppenheimer reissued an outperform rating and issued a $270.00 price target on shares of Biogen in a report on Monday, April 29th. UBS Group decreased their price target on shares of Biogen from $250.00 to $214.00 and set a neutral rating for the company in a report on Wednesday, April 17th. Bank of America decreased their price target on shares of Biogen from $280.00 to $260.00 and set a neutral rating for the company in a report on Friday, April 12th. Needham & Company LLC reissued a buy rating and issued a $294.00 price target on shares of Biogen in a report on Friday, June 28th. Finally, Truist Financial reissued a buy rating and issued a $340.00 price target on shares of Biogen in a report on Thursday, May 16th. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $286.00.

Biogen Price Performance

BIIB opened at $230.06 on Friday. The company has a fifty day moving average price of $226.50 and a two-hundred day moving average price of $226.57. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. Biogen has a 52 week low of $189.44 and a 52 week high of $281.12. The firm has a market capitalization of $33.50 billion, a PE ratio of 28.72, a P/E/G ratio of 2.32 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last released 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. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the previous year, the business earned $3.40 EPS. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, analysts anticipate that Biogen will post 15.62 earnings per share for the current year.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new stake in Biogen during the 2nd quarter worth about $46,000. QRG Capital Management Inc. raised its holdings in shares of Biogen by 14.4% in the 2nd quarter. QRG Capital Management Inc. now owns 3,012 shares of the biotechnology company’s stock valued at $698,000 after purchasing an additional 378 shares during the period. Capital Investment Advisors LLC raised its holdings in shares of Biogen by 17.1% in the 2nd quarter. Capital Investment Advisors LLC now owns 2,197 shares of the biotechnology company’s stock valued at $509,000 after purchasing an additional 321 shares during the period. CX Institutional bought a new stake in shares of Biogen in the 2nd quarter valued at about $233,000. Finally, Valeo Financial Advisors LLC raised its holdings in shares of Biogen by 40.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,986 shares of the biotechnology company’s stock valued at $460,000 after purchasing an additional 574 shares during the period. 87.93% of the stock is owned by institutional investors.

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.