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

Biogen (NASDAQ:BIIB) had its price objective reduced by TD Cowen from $300.00 to $275.00 in a report released on Thursday morning, Benzinga reports. TD Cowen currently has a buy rating on the biotechnology company’s stock.

A number of other research firms have also recently weighed in on BIIB. BMO Capital Markets cut their price objective on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. UBS Group cut their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $285.00 to $204.00 in a research note on Thursday. Piper Sandler cut their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Finally, Scotiabank decreased their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and an average price target of $262.83.

Biogen Stock Down 0.1 %

Shares of NASDAQ:BIIB opened at $173.79 on Thursday. The company has a market cap of $25.32 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.73 and a beta of -0.06. Biogen has a 12 month low of $173.14 and a 12 month high of $268.30. 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 company has a 50-day moving average price of $192.71 and a 200 day moving average price of $209.47.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period last year, the company earned $4.36 EPS. As a group, equities research analysts predict that Biogen will post 16.36 earnings per share for the current year.

Insider Buying and Selling at Biogen

In related 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 position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.16% of the company’s stock.

Institutional Trading of Biogen

Several hedge funds have recently modified their holdings of BIIB. Plato Investment Management Ltd raised its stake in shares of 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 acquiring an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in Biogen in the second quarter worth $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen during the first quarter worth $36,000. Versant Capital Management Inc lifted 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 purchasing an additional 85 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Biogen by 249.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 127 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other 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.