Biogen (NASDAQ:BIIB) Stock Price Expected to Rise, HC Wainwright Analyst Says

Key Points

• HC Wainwright has raised its price target for Biogen from $187.00 to $194.00, suggesting a potential upside of 51.56% from its current price.
• Biogen reported $5.47 EPS for the last quarter, exceeding analysts' expectations of $3.93, alongside a revenue of $2.65 billion, which was also above forecasts.
• Insiders own only 0.18% of Biogen's stock, with a notable recent transaction involving insider Rachid Izzar selling 2,223 shares.

Biogen (NASDAQ:BIIB - Get Free Report) had its price target lifted by stock analysts at HC Wainwright from $187.00 to $194.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. HC Wainwright's price objective points to a potential upside of 51.56% from the company's current price.

Several other brokerages also recently weighed in on BIIB. Truist Financial began coverage on shares of Biogen in a research report on Monday, July 21st. They set a "hold" rating and a $142.00 price target for the company. JPMorgan Chase & Co. reduced their price target on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Canaccord Genuity Group reduced their price target on shares of Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Piper Sandler reissued a "neutral" rating and set a $115.00 price target on shares of Biogen in a research report on Thursday, June 12th. Finally, Oppenheimer set a $205.00 price target on shares of Biogen in a research report on Friday, May 2nd. Twenty-one analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $186.63.

Biogen Stock Performance

Shares of BIIB opened at $128.00 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The business's 50 day moving average price is $129.72 and its 200-day moving average price is $131.90. Biogen has a 52 week low of $110.04 and a 52 week high of $219.44. The stock has a market cap of $18.76 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.83 and a beta of 0.14.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. The firm had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.32 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.28 EPS. Equities research analysts anticipate that Biogen will post 15.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the sale, the insider owned 6,330 shares in the company, valued at approximately $854,550. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in Biogen in the 1st quarter worth approximately $26,000. Vision Financial Markets LLC bought a new position in Biogen in the 1st quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. bought a new position in Biogen in the 1st quarter worth approximately $27,000. Colonial Trust Co SC boosted its stake in Biogen by 9,300.0% in the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 186 shares during the period. Finally, Zions Bancorporation National Association UT bought a new position in Biogen in the 1st quarter worth approximately $29,000. Institutional investors own 87.93% of the company's stock.

Biogen Company Profile

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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