Biogen (NASDAQ:BIIB) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Biogen (NASDAQ:BIIB) had its target price boosted by Robert W. Baird from $294.00 to $300.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Robert W. Baird’s target price indicates a potential upside of 81.94% from the stock’s previous close.

Several other research analysts have also weighed in on the company. Wells Fargo & Company lowered their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Truist Financial restated a “buy” rating and issued a $302.00 price target (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Scotiabank cut their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Wedbush reduced their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Finally, UBS Group decreased their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. Twelve research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and an average price target of $258.96.

Biogen Price Performance

Shares of BIIB stock opened at $164.89 on Friday. The stock has a 50 day moving average of $187.54 and a two-hundred day moving average of $208.07. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $24.03 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.57 and a beta of -0.06. Biogen has a 12 month low of $163.35 and a 12 month high of $268.30.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the previous year, the business posted $4.36 EPS. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts expect that Biogen will post 16.4 EPS for the current year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on 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 owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The trade was a 7.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Biogen

A number of large investors have recently modified their holdings of BIIB. Paloma Partners Management Co acquired a new position in shares of Biogen during the 3rd quarter worth approximately $354,000. FSA Wealth Management LLC acquired a new position in Biogen in the third quarter valued at about $74,000. Erste Asset Management GmbH acquired a new position in Biogen during the third quarter worth $55,826,000. Edgestream Partners L.P. grew its stake in shares of Biogen by 1,107.5% in the third quarter. Edgestream Partners L.P. now owns 11,218 shares of the biotechnology company’s stock valued at $2,174,000 after buying an additional 10,289 shares in the last quarter. Finally, PDT Partners LLC raised its holdings in shares of Biogen by 153.8% in the 3rd quarter. PDT Partners LLC now owns 16,497 shares of the biotechnology company’s stock valued at $3,198,000 after buying an additional 9,997 shares during the period. Hedge funds and other institutional investors 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.