Biogen (NASDAQ:BIIB) Now Covered by Analysts at Truist Financial

Research analysts at Truist Financial started coverage on shares of Biogen (NASDAQ:BIIB - Get Free Report) in a report released on Monday. The brokerage set a "hold" rating and a $142.00 price target on the biotechnology company's stock. Truist Financial's price objective would indicate a potential upside of 14.99% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Wedbush restated a "neutral" rating and issued a $121.00 price objective on shares of Biogen in a research note on Thursday, June 12th. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Piper Sandler restated a "neutral" rating and set a $115.00 target price on shares of Biogen in a research report on Thursday, June 12th. The Goldman Sachs Group lowered their target price on shares of Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, Mizuho lowered their target price on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Twenty-one analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Biogen presently has a consensus rating of "Hold" and an average price target of $186.37.

Biogen Stock Performance

Shares of NASDAQ BIIB traded down $1.51 during trading on Monday, reaching $123.49. 119,974 shares of the company traded hands, compared to its average volume of 1,446,481. The firm's fifty day simple moving average is $129.18 and its 200 day simple moving average is $133.05. The stock has a market cap of $18.09 billion, a P/E ratio of 12.18, a PEG ratio of 1.00 and a beta of 0.14. Biogen has a 12-month low of $110.04 and a 12-month high of $236.48. The company has a current ratio of 1.44, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.25 billion. Biogen had a net margin of 15.07% and a return on equity of 14.03%. The firm's revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.67 EPS. As a group, research analysts anticipate that Biogen will post 15.83 earnings per share for the current fiscal year.

Insider Activity at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. This represents a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.18% of the company's stock.

Institutional Trading of Biogen

Several hedge funds have recently modified their holdings of BIIB. Wedmont Private Capital grew its stake in Biogen by 3.8% in the 2nd quarter. Wedmont Private Capital now owns 2,190 shares of the biotechnology company's stock valued at $291,000 after buying an additional 81 shares in the last quarter. Israel Discount Bank of New York raised its position in shares of Biogen by 6.2% in the 4th quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company's stock worth $215,000 after purchasing an additional 82 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of Biogen by 4.1% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 2,343 shares of the biotechnology company's stock valued at $358,000 after purchasing an additional 92 shares during the last quarter. Quent Capital LLC grew its stake in shares of Biogen by 31.2% during the 1st quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock valued at $54,000 after acquiring an additional 93 shares during the period. Finally, CVA Family Office LLC boosted its stake in Biogen by 71.1% in the 1st quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 96 shares during the period. 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.

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