Biogen (NASDAQ:BIIB) Given New $275.00 Price Target at TD Cowen

Biogen (NASDAQ:BIIB) had its target price decreased by investment analysts at TD Cowen from $300.00 to $275.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s price target would suggest a potential upside of 56.04% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada decreased their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. UBS Group cut their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Morgan Stanley lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $285.00 to $204.00 in a report on Thursday. Barclays lowered their price objective on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 target price on shares of Biogen in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and an average target price of $263.88.

Biogen Stock Down 2.7 %

Shares of BIIB stock traded down $4.94 on Thursday, hitting $176.24. The company’s stock had a trading volume of 712,053 shares, compared to its average volume of 1,127,672. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. Biogen has a fifty-two week low of $174.76 and a fifty-two week high of $268.30. The firm’s fifty day moving average price is $193.92 and its 200-day moving average price is $209.77. The stock has a market capitalization of $25.66 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.36 EPS. Research analysts anticipate that Biogen will post 16.14 EPS for the current year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the 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 completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by company insiders.

Institutional Trading of Biogen

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arlington Partners LLC boosted its holdings in shares of Biogen by 34.3% during the third quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after acquiring an additional 4,902 shares during the period. Duality Advisers LP acquired a new position in Biogen during the first quarter valued at approximately $1,290,000. Tocqueville Asset Management L.P. grew its holdings in Biogen by 924.4% during the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after purchasing an additional 41,690 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Biogen by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after acquiring an additional 3,380 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake 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 acquiring an additional 10,425 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

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.