Biogen (NASDAQ:BIIB) PT Lowered to $240.00

Biogen (NASDAQ:BIIB - Free Report) had its target price decreased by JPMorgan Chase & Co. from $270.00 to $240.00 in a research note released on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the biotechnology company's stock.

BIIB has been the subject of a number of other reports. Cantor Fitzgerald reiterated an overweight rating and issued a $311.00 price objective on shares of Biogen in a report on Tuesday, February 20th. Oppenheimer reduced their price target on shares of Biogen from $295.00 to $290.00 and set an outperform rating on the stock in a research report on Wednesday, February 14th. BMO Capital Markets lowered their price objective on shares of Biogen from $295.00 to $285.00 and set an outperform rating for the company in a report on Wednesday, February 14th. Mizuho reduced their target price on shares of Biogen from $355.00 to $277.00 and set a buy rating on the stock in a report on Thursday, February 22nd. Finally, UBS Group lowered their price target on shares of Biogen from $276.00 to $250.00 and set a neutral rating for the company in a research note on Friday, February 16th. Ten investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $300.12.

Biogen Price Performance

Shares of BIIB stock traded up $2.13 during trading on Thursday, hitting $203.68. The company had a trading volume of 1,019,051 shares, compared to its average volume of 1,151,489. The stock's 50-day moving average is $220.95 and its two-hundred day moving average is $238.41. The stock has a market capitalization of $29.61 billion, a price-to-earnings ratio of 25.52, a price-to-earnings-growth ratio of 1.71 and a beta of -0.02. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. Biogen has a 52 week low of $200.65 and a 52 week high of $319.76.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts' consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period in the previous year, the company earned $4.05 EPS. As a group, analysts predict that Biogen will post 15.47 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Biogen

A number of institutional investors and hedge funds have recently made changes to their positions in BIIB. Primecap Management Co. CA boosted its stake in Biogen by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company's stock worth $4,208,760,000 after purchasing an additional 251,915 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company's stock worth $3,728,185,000 after buying an additional 2,218,744 shares in the last quarter. State Street Corp grew its holdings in shares of Biogen by 2.8% during the first quarter. State Street Corp now owns 7,208,906 shares of the biotechnology company's stock valued at $1,518,196,000 after buying an additional 197,400 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Biogen by 0.5% during the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company's stock valued at $1,381,251,000 after buying an additional 27,951 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Biogen by 49.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company's stock valued at $580,627,000 after acquiring an additional 691,843 shares in the last quarter. 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.