Piper Sandler Issues Pessimistic Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB - Get Free Report) had its price target decreased by Piper Sandler from $135.00 to $115.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the biotechnology company's stock. Piper Sandler's price target suggests a potential downside of 6.01% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. Citigroup dropped their price objective on shares of Biogen from $160.00 to $145.00 and set a "neutral" rating for the company in a research report on Thursday, February 13th. Needham & Company LLC restated a "hold" rating on shares of Biogen in a research report on Friday, April 25th. Sanford C. Bernstein initiated coverage on shares of Biogen in a research note on Tuesday, February 11th. They set a "market perform" rating and a $160.00 price target for the company. Argus cut shares of Biogen from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Morgan Stanley reduced their price target on Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Biogen presently has a consensus rating of "Hold" and a consensus target price of $198.26.

Biogen Price Performance

NASDAQ:BIIB traded up $1.42 during mid-day trading on Tuesday, hitting $122.35. The company's stock had a trading volume of 114,383 shares, compared to its average volume of 1,348,358. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The stock has a fifty day moving average of $130.98 and a 200-day moving average of $147.51. The company has a market capitalization of $17.91 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 1.51 and a beta of 0.13. Biogen has a fifty-two week low of $110.04 and a fifty-two week high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The firm had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the company posted $3.67 EPS. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, equities analysts forecast that Biogen will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BIIB. Pacer Advisors Inc. raised its holdings in Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock valued at $407,919,000 after buying an additional 2,648,024 shares during the last quarter. Norges Bank acquired a new stake in Biogen during the fourth quarter worth approximately $355,569,000. Van ECK Associates Corp grew its stake in shares of Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock valued at $163,083,000 after buying an additional 967,523 shares during the period. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Biogen by 1,663.4% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock worth $106,813,000 after buying an additional 736,301 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Biogen by 30.6% in the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after acquiring an additional 499,074 shares during the last quarter. Institutional investors and hedge funds 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.