Barclays Cuts Biogen (NASDAQ:BIIB) Price Target to $180.00

Biogen (NASDAQ:BIIB) had its price objective reduced by Barclays from $190.00 to $180.00 in a research note released on Thursday, Benzinga reports. Barclays currently has an equal weight rating on the biotechnology company’s stock.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets dropped their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Robert W. Baird decreased their price objective on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. TD Cowen lowered their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday. Cantor Fitzgerald reissued an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Finally, UBS Group cut their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Ten 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $262.83.

Biogen Trading Down 0.1 %

NASDAQ BIIB opened at $173.79 on Thursday. The stock has a market capitalization of $25.32 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.73 and a beta of -0.06. Biogen has a one year low of $173.14 and a one year high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 1.48. The business’s fifty day moving average is $192.71 and its 200-day moving average is $209.47.

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, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the company posted $4.36 earnings per share. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts predict that Biogen will post 16.36 EPS for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction 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 sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several hedge funds have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after buying an additional 3,380 shares in the last quarter. Norden Group LLC raised its stake in shares of Biogen by 25.2% during the first quarter. Norden Group LLC now owns 1,440 shares of the biotechnology company’s stock worth $311,000 after acquiring an additional 290 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Biogen by 4.9% in the 1st quarter. Private Advisor Group LLC now owns 4,833 shares of the biotechnology company’s stock worth $1,042,000 after acquiring an additional 224 shares during the last quarter. Mission Wealth Management LP boosted its stake in shares of Biogen by 3.8% in the 1st quarter. Mission Wealth Management LP now owns 1,826 shares of the biotechnology company’s stock valued at $394,000 after purchasing an additional 66 shares in the last quarter. Finally, Moloney Securities Asset Management LLC bought a new position in shares of Biogen during the 1st quarter valued at $301,000. 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.