Mizuho Has Lowered Expectations for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its price target cut by investment analysts at Mizuho from $251.00 to $207.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. Mizuho’s price target would suggest a potential upside of 31.10% from the stock’s previous close.

Several other equities research analysts have also recently commented on BIIB. Raymond James restated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 target price on shares of Biogen in a research note on Monday, September 9th. Citigroup initiated coverage on shares of Biogen in a research note on Thursday, November 14th. They set a “neutral” rating and a $190.00 price target on the stock. UBS Group lowered their price objective on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $257.20.

Biogen Stock Performance

Shares of BIIB opened at $157.90 on Thursday. The company’s 50 day simple moving average is $181.85 and its 200-day simple moving average is $205.32. The firm has a market cap of $23.01 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.47 and a beta of -0.06. Biogen has a 12-month low of $153.62 and a 12-month high of $268.30. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the firm posted $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, equities analysts predict that Biogen will post 16.45 EPS for the current year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Edgestream Partners L.P. acquired a new position in shares of Biogen in the 1st quarter valued at $356,000. O Shaughnessy Asset Management LLC grew its position in Biogen by 5.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 3,940 shares of the biotechnology company’s stock valued at $849,000 after acquiring an additional 188 shares during the period. EntryPoint Capital LLC acquired a new stake in Biogen during the first quarter worth about $36,000. Advisors Asset Management Inc. raised its holdings in shares of Biogen by 6.5% in the 1st quarter. Advisors Asset Management Inc. now owns 7,441 shares of the biotechnology company’s stock worth $1,605,000 after purchasing an additional 451 shares during the period. Finally, Toronto Dominion Bank lifted its stake in shares of Biogen by 3.7% in the 1st quarter. Toronto Dominion Bank now owns 95,684 shares of the biotechnology company’s stock valued at $20,632,000 after purchasing an additional 3,444 shares in the last quarter. Institutional investors and hedge funds 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.