Biogen (NASDAQ:BIIB – Free Report) had its target price lowered by Royal Bank of Canada from $292.00 to $269.00 in a research note published on Friday morning, Benzinga reports. The firm currently has an outperform rating on the biotechnology company’s stock.
Other research analysts also recently issued reports about the stock. Wedbush lowered 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. William Blair reiterated an outperform rating on shares of Biogen in a report on Wednesday, July 3rd. StockNews.com upgraded shares of Biogen from a buy rating to a strong-buy rating in a research report on Monday, September 2nd. Wells Fargo & Company cut their price target on shares of Biogen from $240.00 to $225.00 and set an equal weight rating on the stock in a report on Friday, August 2nd. Finally, UBS Group reduced their price objective on shares of Biogen from $234.00 to $202.00 and set a neutral rating on the stock in a research note on Thursday, October 3rd. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $273.78.
Check Out Our Latest Stock Report on BIIB
Biogen Stock Performance
Biogen (NASDAQ:BIIB – Get Free Report) last announced 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 return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the company earned $4.02 EPS. Biogen’s revenue for the quarter was up .4% on a year-over-year basis. As a group, research analysts expect that Biogen will post 16.12 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Biogen news, insider Priya Singhal sold 431 shares of the business’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 in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in BIIB. The Manufacturers Life Insurance Company raised its stake in shares of Biogen by 5.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 135,176 shares of the biotechnology company’s stock worth $34,979,000 after purchasing an additional 6,980 shares during the last quarter. Capital World Investors purchased a new position in Biogen during the 4th quarter worth $8,850,000. Oppenheimer & Co. Inc. grew its stake in shares of Biogen by 33.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 11,156 shares of the biotechnology company’s stock worth $2,887,000 after acquiring an additional 2,779 shares in the last quarter. Pinebridge Investments L.P. raised its holdings in shares of Biogen by 51.5% in the fourth quarter. Pinebridge Investments L.P. now owns 20,104 shares of the biotechnology company’s stock valued at $5,202,000 after purchasing an additional 6,838 shares during the last quarter. Finally, Morningstar Investment Services LLC lifted its position in shares of Biogen by 122.8% during the fourth quarter. Morningstar Investment Services LLC now owns 1,856 shares of the biotechnology company’s stock valued at $484,000 after purchasing an additional 1,023 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.
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.
Read More
- Five stocks we like better than Biogen
- How to Buy Cheap Stocks Step by Step
- Ciena Stock Powers the AI Cloud Boom—Don’t Miss Out
- Utilities Stocks Explained – How and Why to Invest in Utilities
- Affirm’s Path to Profitability Elevates with Interest Rate Cuts
- The How and Why of Investing in Gold Stocks
- RPM International Thrives in Rate-Cut Driven Construction Rally
Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.