Biogen (NASDAQ:BIIB) Price Target Cut to $255.00 by Analysts at Oppenheimer

Biogen (NASDAQ:BIIB) had its price target dropped by Oppenheimer from $270.00 to $255.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer’s price target indicates a potential upside of 44.59% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Robert W. Baird reduced their price target on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Royal Bank of Canada reduced their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $285.00 to $204.00 in a report on Thursday. Barclays reduced their target price on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, BMO Capital Markets dropped their price target on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Ten research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $262.83.

Biogen Price Performance

Shares of NASDAQ BIIB traded down $4.82 during trading on Thursday, reaching $176.36. The company had a trading volume of 861,872 shares, compared to its average volume of 1,128,382. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The stock has a market cap of $25.68 billion, a PE ratio of 21.99, a PEG ratio of 1.87 and a beta of -0.06. The business’s 50 day moving average price is $193.92 and its 200-day moving average price is $209.77. Biogen has a 52 week low of $174.76 and a 52 week 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 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 analysts’ expectations of $2.43 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.36 earnings per share. Analysts expect that Biogen will post 16.14 earnings per share for the current year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. KCM Investment Advisors LLC lifted its position in shares of Biogen by 1.7% during the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock valued at $637,000 after buying an additional 48 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the last quarter. TFB Advisors LLC raised its position in shares of Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after purchasing an additional 50 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd increased its holdings in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the period. 87.93% of the stock is currently 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.