The Goldman Sachs Group Cuts Biogen (NASDAQ:BIIB) Price Target to $197.00

Biogen (NASDAQ:BIIB) had its price target trimmed by The Goldman Sachs Group from $219.00 to $197.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

BIIB has been the subject of a number of other reports. Morgan Stanley lowered their price objective on shares of Biogen from $157.00 to $152.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Citigroup dropped their price target on Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Argus lowered Biogen from a “buy” rating to a “hold” rating in a research report on Friday, April 4th. Scotiabank lowered their target price on Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a report on Thursday, February 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Biogen in a research note on Wednesday, April 16th. Eighteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $211.37.

Biogen Stock Down 0.6 %

Shares of BIIB opened at $118.84 on Wednesday. The firm has a 50 day simple moving average of $132.47 and a two-hundred day simple moving average of $149.39. The company has a market cap of $17.40 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.51 and a beta of 0.06. Biogen has a one year low of $110.04 and a one year high of $238.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. Research analysts forecast that Biogen will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction 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 represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Biogen

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mather Group LLC. lifted its position in Biogen by 60.1% in the 1st quarter. Mather Group LLC. now owns 2,767 shares of the biotechnology company’s stock valued at $379,000 after acquiring an additional 1,039 shares in the last quarter. Westside Investment Management Inc. lifted its holdings in shares of Biogen by 97.0% in the first quarter. Westside Investment Management Inc. now owns 2,660 shares of the biotechnology company’s stock valued at $359,000 after purchasing an additional 1,310 shares in the last quarter. Amalgamated Bank boosted its position in shares of Biogen by 0.9% during the first quarter. Amalgamated Bank now owns 28,454 shares of the biotechnology company’s stock valued at $3,894,000 after buying an additional 253 shares during the last quarter. Waterfront Wealth Inc. bought a new stake in Biogen during the first quarter worth $218,000. Finally, Hills Bank & Trust Co raised its position in Biogen by 4.1% in the 1st quarter. Hills Bank & Trust Co now owns 4,757 shares of the biotechnology company’s stock valued at $651,000 after buying an additional 187 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.