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

Biogen (NASDAQ:BIIB) had its target price raised by Robert W. Baird from $294.00 to $300.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Robert W. Baird’s price objective points to a potential upside of 87.51% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. Truist Financial reiterated a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a research report on Monday, September 9th. Barclays lowered their price objective on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wedbush reduced their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Twelve research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $258.96.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $159.99 on Friday. Biogen has a 12 month low of $159.60 and a 12 month high of $268.30. The company has a market cap of $23.31 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.57 and a beta of -0.06. The business’s 50 day moving average is $185.99 and its two-hundred day moving average is $207.38. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last announced its earnings results 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 for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the firm posted $4.36 earnings per share. Biogen’s revenue was down 2.5% compared to the same quarter last year. On average, equities analysts expect that Biogen will post 16.4 EPS for the current year.

Insider Activity

In related 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 transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Biogen

A number of institutional investors have recently modified their holdings of the stock. Plato Investment Management Ltd increased 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 position in Biogen in the 2nd quarter valued at $33,000. Ashton Thomas Securities LLC bought a new stake in shares of Biogen during the third quarter worth $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen during the first quarter valued at $36,000. Finally, Versant Capital Management Inc boosted its holdings in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares during the last quarter. 87.93% of the stock is 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.