BMO Capital Markets Trims Biogen (NASDAQ:BIIB) Target Price to $230.00

Biogen (NASDAQ:BIIB) had its price target trimmed by BMO Capital Markets from $260.00 to $230.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the biotechnology company’s stock.

BIIB has been the subject of a number of other reports. Wells Fargo & Company reduced their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Mizuho reduced their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a report on Monday, September 9th. Scotiabank cut their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Finally, William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Nine research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $271.39.

Biogen Price Performance

Shares of BIIB opened at $190.16 on Thursday. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. The company’s fifty day simple moving average is $197.09 and its 200 day simple moving average is $210.94. Biogen has a 1-year low of $181.31 and a 1-year high of $268.30. The company has a market cap of $27.69 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the previous year, the business earned $4.02 EPS. Biogen’s revenue for the quarter was up .4% compared to the same quarter last year. On average, research analysts forecast that Biogen will post 16.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction 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 in the company, valued at $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Plato Investment Management Ltd increased its position in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares in the last quarter. Rise Advisors LLC bought a new stake in shares of Biogen during the first quarter worth $27,000. Itau Unibanco Holding S.A. acquired a new position in shares of Biogen during the second quarter worth $33,000. EntryPoint Capital LLC bought a new position in shares of Biogen in the 1st quarter valued at $36,000. Finally, Versant Capital Management Inc boosted its holdings 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 valued at $36,000 after acquiring an additional 85 shares in the last quarter. Institutional investors and hedge funds 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.