Piper Sandler Cuts Biogen (NASDAQ:BIIB) Price Target to $115.00

Biogen (NASDAQ:BIIB) had its price objective cut by Piper Sandler from $135.00 to $115.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

Other analysts have also issued research reports about the company. Bank Of America (Bofa) reduced their target price on Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a report on Tuesday, February 11th. Hsbc Global Res downgraded Biogen from a “strong-buy” rating to a “hold” rating in a report on Monday. HSBC cut shares of Biogen from a “buy” rating to a “hold” rating and set a $118.00 target price on the stock. in a research note on Monday. Sanford C. Bernstein started coverage on shares of Biogen in a research note on Tuesday, February 11th. They issued a “market perform” rating and a $160.00 price target for the company. Finally, William Blair restated an “outperform” rating on shares of Biogen in a research report on Monday, January 13th. Twenty research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $201.93.

Biogen Price Performance

BIIB opened at $120.93 on Tuesday. The firm has a market cap of $17.70 billion, a PE ratio of 10.81, a P/E/G ratio of 1.51 and a beta of 0.06. The stock has a 50-day moving average price of $130.98 and a 200-day moving average price of $147.51. Biogen has a 1 year low of $110.04 and a 1 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 issued its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.59 by ($0.57). 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 analysts’ expectations of $2.25 billion. During the same period last year, the firm posted $3.67 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. Sell-side analysts predict that Biogen will post 15.83 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction that occurred 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 sale, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.16% of the company’s stock.

Institutional Trading of Biogen

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. MQS Management LLC purchased a new position in shares of Biogen during the first quarter valued at about $245,000. CWM LLC boosted its stake in Biogen by 79.0% during the first quarter. CWM LLC now owns 28,143 shares of the biotechnology company’s stock valued at $3,851,000 after buying an additional 12,418 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in Biogen by 1.1% during the 1st quarter. Louisiana State Employees Retirement System now owns 18,600 shares of the biotechnology company’s stock valued at $2,545,000 after buying an additional 200 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Biogen by 18.1% during the 1st quarter. New York State Common Retirement Fund now owns 131,146 shares of the biotechnology company’s stock valued at $17,946,000 after buying an additional 20,130 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in Biogen by 3.3% in the 1st quarter. Arizona State Retirement System now owns 42,114 shares of the biotechnology company’s stock worth $5,763,000 after acquiring an additional 1,344 shares during the last quarter. 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.