Biogen (NASDAQ:BIIB) Given New $260.00 Price Target at Bank of America

Biogen (NASDAQ:BIIB - Get Free Report) had its price objective dropped by analysts at Bank of America from $280.00 to $260.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a "neutral" rating on the biotechnology company's stock. Bank of America's target price points to a potential upside of 31.19% from the stock's current price.

A number of other analysts have also recently issued reports on BIIB. Bank Of America (Bofa) dropped their price objective on Biogen from $290.00 to $280.00 and set a "neutral" rating on the stock in a report on Monday, February 12th. William Blair reissued an "outperform" rating on shares of Biogen in a report on Monday, April 1st. HC Wainwright reissued a "buy" rating and set a $325.00 price objective on shares of Biogen in a report on Wednesday, February 14th. JPMorgan Chase & Co. dropped their price objective on Biogen from $270.00 to $240.00 and set a "neutral" rating on the stock in a report on Thursday. Finally, Needham & Company LLC lowered their price target on Biogen from $305.00 to $300.00 and set a "buy" rating on the stock in a report on Tuesday, February 13th. Ten investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $298.96.

Biogen Stock Performance

Shares of BIIB stock traded down $5.50 on Friday, hitting $198.18. 1,245,876 shares of the stock were exchanged, compared to its average volume of 1,152,818. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $28.81 billion, a PE ratio of 25.67, a P/E/G ratio of 1.69 and a beta of -0.02. Biogen has a one year low of $197.78 and a one year high of $319.76. The firm's 50 day moving average is $220.95 and its two-hundred day moving average is $238.41.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.23). The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same quarter in the previous year, the company posted $4.05 EPS. Sell-side analysts expect that Biogen will post 15.46 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Biogen

A number of large investors have recently made changes to their positions in BIIB. Gulf International Bank UK Ltd boosted its position in shares of Biogen by 0.5% during the first quarter. Gulf International Bank UK Ltd now owns 12,429 shares of the biotechnology company's stock valued at $2,680,000 after purchasing an additional 63 shares in the last quarter. Wedmont Private Capital boosted its position in shares of Biogen by 22.7% during the first quarter. Wedmont Private Capital now owns 2,413 shares of the biotechnology company's stock valued at $498,000 after purchasing an additional 446 shares in the last quarter. Czech National Bank boosted its position in shares of Biogen by 0.5% during the first quarter. Czech National Bank now owns 25,494 shares of the biotechnology company's stock valued at $5,497,000 after purchasing an additional 117 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Biogen by 38.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 333 shares of the biotechnology company's stock valued at $72,000 after purchasing an additional 92 shares in the last quarter. Finally, Rise Advisors LLC bought a new stake in shares of Biogen during the first quarter valued at approximately $27,000. 87.93% of the stock is currently owned by institutional investors.

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.