Mizuho Cuts Biogen (NASDAQ:BIIB) Price Target to $207.00

Biogen (NASDAQ:BIIB) had its price target reduced by investment analysts at Mizuho from $251.00 to $207.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the biotechnology company’s stock. Mizuho’s target price points to a potential upside of 32.69% from the company’s previous close.

Several other research firms have also recently weighed in on BIIB. Wells Fargo & Company decreased their price objective 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. Robert W. Baird increased their price target on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Citigroup assumed coverage on shares of Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price objective on the stock. TD Cowen cut their target price on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Wolfe Research started coverage on Biogen in a research report on Friday, November 15th. They set a “peer perform” rating on the stock. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Biogen presently has a consensus rating of “Moderate Buy” and an average price target of $257.20.

Biogen Stock Performance

Shares of BIIB opened at $156.00 on Thursday. The stock’s 50-day simple moving average is $183.39 and its 200 day simple moving average is $206.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen has a 52-week low of $153.62 and a 52-week high of $268.30. The stock has a market capitalization of $22.73 billion, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 1.47 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company earned $4.36 earnings per share. Research analysts forecast that Biogen will post 16.45 EPS for the current fiscal year.

Insider Buying and Selling

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 transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in Biogen by 3.2% during the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after acquiring an additional 5,270 shares during the last quarter. Arlington Partners LLC lifted its stake in shares of Biogen by 34.3% in the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock worth $3,724,000 after purchasing an additional 4,902 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Biogen by 235.1% in the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after buying an additional 10,425 shares during the last quarter. National Pension Service grew its position in Biogen by 10.1% during the third quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock valued at $69,699,000 after buying an additional 32,914 shares during the period. Finally, Tidal Investments LLC increased its holdings in Biogen by 99.1% during the first quarter. Tidal Investments LLC now owns 10,211 shares of the biotechnology company’s stock valued at $2,202,000 after buying an additional 5,082 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other 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.