Biogen (NASDAQ:BIIB) Price Target Raised to $135.00

Key Points

• Biogen's price target has been raised from $129.00 to $135.00 by Wedbush, which maintains a "neutral" rating on the stock, indicating potential downside risk from the current price.
• Other analysts are more optimistic, with HC Wainwright and Jefferies Financial Group setting target prices of $194.00 and $190.00, respectively, both assigning "buy" ratings.
• Biogen reported better-than-expected quarterly earnings of $5.47 per share, significantly surpassing the consensus estimate of $3.93.

Biogen (NASDAQ:BIIB - Get Free Report) had its price target upped by Wedbush from $129.00 to $135.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The brokerage presently has a "neutral" rating on the biotechnology company's stock. Wedbush's target price points to a potential downside of 6.70% from the stock's previous close.

Other research analysts also recently issued research reports about the stock. HC Wainwright raised their target price on shares of Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Jefferies Financial Group initiated coverage on Biogen in a report on Thursday, September 25th. They issued a "buy" rating and a $190.00 price objective for the company. Citigroup reissued a "neutral" rating on shares of Biogen in a research report on Wednesday, September 24th. Piper Sandler raised their price target on Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research note on Friday, September 12th. Finally, Morgan Stanley upped their price objective on Biogen from $144.00 to $149.00 and gave the stock an "equal weight" rating in a research note on Friday. Eleven equities research analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $180.69.

Biogen Stock Down 1.3%

NASDAQ:BIIB opened at $144.69 on Tuesday. The stock has a 50-day simple moving average of $140.46 and a 200 day simple moving average of $131.13. Biogen has a 52-week low of $110.04 and a 52-week high of $194.13. The company has a market cap of $21.21 billion, a PE ratio of 13.83, a PEG ratio of 1.16 and a beta of 0.13. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the prior year, the firm posted $5.28 EPS. The business's revenue was up 7.3% on a year-over-year basis. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, sell-side analysts expect that Biogen will post 15.83 EPS for the current fiscal year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 517 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total value of $69,045.35. Following the transaction, the insider owned 5,772 shares in the company, valued at approximately $770,850.60. This represents a 8.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

Hedge Funds Weigh In On Biogen

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Biogen by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 17,290,651 shares of the biotechnology company's stock valued at $2,171,533,000 after purchasing an additional 257,812 shares during the period. State Street Corp boosted its position in shares of Biogen by 1.0% in the second quarter. State Street Corp now owns 7,468,807 shares of the biotechnology company's stock valued at $938,007,000 after acquiring an additional 71,897 shares during the period. Geode Capital Management LLC boosted its position in shares of Biogen by 1.9% in the second quarter. Geode Capital Management LLC now owns 3,918,150 shares of the biotechnology company's stock valued at $490,089,000 after acquiring an additional 71,286 shares during the period. Invesco Ltd. increased its position in Biogen by 2.4% during the second quarter. Invesco Ltd. now owns 2,320,126 shares of the biotechnology company's stock worth $291,385,000 after acquiring an additional 55,119 shares during the period. Finally, Norges Bank bought a new position in Biogen during the second quarter worth about $284,358,000. Institutional investors and hedge funds 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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