TD Cowen Lowers Biogen (NASDAQ:BIIB) Price Target to $275.00

Biogen (NASDAQ:BIIB) had its price objective decreased by equities research analysts at TD Cowen from $300.00 to $275.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s price objective indicates a potential upside of 58.24% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Robert W. Baird cut their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. UBS Group decreased their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Royal Bank of Canada dropped their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, Morgan Stanley lowered Biogen from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $285.00 to $204.00 in a research report on Thursday. Ten analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $262.83.

Biogen Price Performance

Shares of Biogen stock opened at $173.79 on Thursday. Biogen has a 1-year low of $173.14 and a 1-year high of $268.30. The firm’s 50-day moving average price is $192.71 and its two-hundred day moving average price is $209.37. The company has a current ratio of 1.26, a quick ratio of 1.48 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $25.31 billion, a price-to-earnings ratio of 15.70, a P/E/G ratio of 1.82 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the company earned $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts predict that Biogen will post 16.17 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd lifted its holdings in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Biogen in the 2nd quarter valued at approximately $33,000. EntryPoint Capital LLC acquired a new position in Biogen during the 1st quarter worth approximately $36,000. Versant Capital Management Inc grew its stake in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 85 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Biogen by 249.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 127 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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.