Biogen (NASDAQ:BIIB) Given New $230.00 Price Target at BMO Capital Markets

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

A number of other equities analysts also recently issued reports on the stock. Scotiabank dropped their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company dropped their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. UBS Group cut their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Needham & Company LLC restated a “buy” rating and set a $285.00 price objective on shares of Biogen in a research note on Tuesday, September 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 target price on shares of Biogen in a research note on Monday, September 9th. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $271.39.

Biogen Trading Up 0.3 %

BIIB stock opened at $189.55 on Thursday. Biogen has a 12 month low of $181.31 and a 12 month high of $268.30. The firm’s 50-day moving average is $197.32 and its 200 day moving average is $211.05. The company has a market capitalization of $27.60 billion, a PE ratio of 23.66, a P/E/G ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating 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 firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the previous year, the firm posted $4.02 earnings per share. The company’s revenue was up .4% on a year-over-year basis. On average, research analysts anticipate that Biogen will post 16.13 EPS for the current year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the company’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 completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biogen

A number of hedge funds have recently made changes to their positions in the stock. Plato Investment Management Ltd boosted its holdings in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the period. Rise Advisors LLC acquired a new stake in shares of Biogen in the 1st quarter valued at $27,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen during the 2nd quarter worth $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen during the first quarter worth $36,000. Finally, Versant Capital Management Inc increased 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 buying an additional 85 shares during the last quarter. Hedge funds and other institutional investors 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.