Robert W. Baird Cuts Biogen (NASDAQ:BIIB) Price Target to $255.00

Biogen (NASDAQ:BIIB - Free Report) had its price objective lowered by Robert W. Baird from $300.00 to $255.00 in a research note published on Friday,Benzinga reports. The brokerage currently has an outperform rating on the biotechnology company's stock.

BIIB has been the topic of several other research reports. The Goldman Sachs Group dropped their target price on Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. HSBC downgraded Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price for the company. in a research note on Monday, April 28th. Royal Bank of Canada lifted their target price on Biogen from $221.00 to $225.00 and gave the company an "outperform" rating in a report on Tuesday, April 22nd. Scotiabank lowered their target price on shares of Biogen from $244.00 to $224.00 and set a "sector outperform" rating on the stock in a research note on Thursday, February 13th. Finally, BMO Capital Markets dropped their price target on Biogen from $156.00 to $139.00 and set a "market perform" rating for the company in a research report on Thursday, February 13th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Biogen has an average rating of "Hold" and an average target price of $195.85.

Biogen Stock Performance

Shares of NASDAQ BIIB traded up $2.60 during trading on Friday, reaching $123.53. 1,460,036 shares of the stock traded hands, compared to its average volume of 1,356,243. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The stock has a market capitalization of $18.08 billion, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 1.51 and a beta of 0.13. Biogen has a 52-week low of $110.04 and a 52-week high of $238.00. The company has a 50-day moving average of $130.58 and a 200-day moving average of $146.45.

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

Insider Activity at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares of the company's stock, valued at $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Pacer Advisors Inc. lifted its stake in shares of Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after buying an additional 2,648,024 shares in the last quarter. Norges Bank purchased a new position in Biogen in the 4th quarter worth approximately $355,569,000. Van ECK Associates Corp boosted its holdings in shares of Biogen by 977.9% during the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock worth $163,083,000 after purchasing an additional 967,523 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Biogen by 1,663.4% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after purchasing an additional 736,301 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after purchasing an additional 499,074 shares during the last quarter. Hedge funds and other 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.