Biogen (NASDAQ:BIIB) Price Target Raised to $342.00

Biogen (NASDAQ:BIIB - Get Free Report) had its target price increased by equities researchers at HSBC from $339.00 to $342.00 in a research report issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. HSBC's price objective suggests a potential upside of 57.23% from the stock's current price.

A number of other research analysts have also recently issued reports on BIIB. Robert W. Baird decreased their price objective on shares of Biogen from $333.00 to $316.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 14th. Barclays lowered their price target on Biogen from $215.00 to $200.00 and set an "equal weight" rating for the company in a report on Thursday, April 25th. Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price objective on shares of Biogen in a research note on Monday. Canaccord Genuity Group lowered their target price on Biogen from $310.00 to $305.00 and set a "buy" rating for the company in a research note on Tuesday, February 20th. Finally, HC Wainwright reduced their price target on shares of Biogen from $325.00 to $300.00 and set a "buy" rating on the stock in a research note on Thursday, April 25th. Ten research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $290.92.

Biogen Stock Performance

Shares of BIIB traded up $4.00 during mid-day trading on Friday, hitting $217.51. 1,144,123 shares of the company's stock were exchanged, compared to its average volume of 1,207,864. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The firm has a market cap of $31.67 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 2.20 and a beta of -0.01. The stock's 50-day simple moving average is $212.12 and its 200-day simple moving average is $232.44. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.31 billion. During the same period in the previous year, the firm earned $3.40 EPS. The company's quarterly revenue was down 7.0% compared to the same quarter last year. On average, equities research analysts expect that Biogen will post 15.57 EPS for the current year.

Insider Activity

In related news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares of the company's stock, valued at approximately $4,590,777.66. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Eric K. Rowinsky bought 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company's stock, valued at $4,590,777.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Priya Singhal sold 262 shares of Biogen stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares of the company's stock, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock worth $202,030 in the last quarter. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. OFI Invest Asset Management bought a new stake in shares of Biogen during the 3rd quarter worth $26,000. Livelsberger Financial Advisory bought a new position in shares of Biogen during the 4th quarter valued at approximately $26,000. Rise Advisors LLC purchased a new position in Biogen in the first quarter valued at approximately $27,000. Gladius Capital Management LP bought a new position in Biogen during the third quarter valued at $28,000. Finally, KB Financial Partners LLC increased its position in Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company's stock worth $31,000 after buying an additional 62 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

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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