Biogen (NASDAQ:BIIB) Price Target Cut to $210.00 by Analysts at JPMorgan Chase & Co.

Biogen (NASDAQ:BIIB) had its target price lowered by JPMorgan Chase & Co. from $220.00 to $210.00 in a report released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

A number of other equities analysts have also weighed in on the company. Piper Sandler lowered their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. TD Cowen dropped their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Wells Fargo & Company reduced their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. BMO Capital Markets decreased their target price on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Finally, Wedbush cut their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Ten investment 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 company’s stock. According to MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and a consensus target price of $261.58.

Biogen Price Performance

Biogen stock opened at $173.92 on Monday. The company has a fifty day simple moving average of $190.96 and a 200-day simple moving average of $209.10. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $25.34 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 1.64 and a beta of -0.06. Biogen has a 52-week low of $170.71 and a 52-week high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.36 EPS. On average, equities analysts anticipate that Biogen will post 16.4 EPS for the current fiscal year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Large investors have recently bought and sold shares of the stock. Norden Group LLC raised its holdings in Biogen by 25.2% in the first quarter. Norden Group LLC now owns 1,440 shares of the biotechnology company’s stock valued at $311,000 after acquiring an additional 290 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of Biogen by 4.9% in the 1st quarter. Private Advisor Group LLC now owns 4,833 shares of the biotechnology company’s stock valued at $1,042,000 after purchasing an additional 224 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Biogen by 15.8% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,408 shares of the biotechnology company’s stock worth $735,000 after purchasing an additional 465 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Biogen by 112.3% during the 1st quarter. GSA Capital Partners LLP now owns 3,123 shares of the biotechnology company’s stock worth $673,000 after purchasing an additional 1,652 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of Biogen by 480.6% during the first quarter. Larson Financial Group LLC now owns 209 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 173 shares in the last quarter. Hedge funds and other institutional investors 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.