Truist Financial Cuts Biogen (NASDAQ:BIIB) Price Target to $199.00

Biogen (NASDAQ:BIIB) had its price target lowered by Truist Financial from $210.00 to $199.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other equities research analysts have also recently issued reports on the stock. Sanford C. Bernstein assumed coverage on shares of Biogen in a research report on Tuesday, February 11th. They set a “market perform” rating and a $160.00 price objective for the company. Hsbc Global Res downgraded shares of Biogen from a “strong-buy” rating to a “hold” rating in a report on Monday. Scotiabank decreased their price objective on Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 13th. The Goldman Sachs Group lowered their price objective on Biogen from $219.00 to $197.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Finally, Canaccord Genuity Group reduced their target price on Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Twenty research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $201.93.

Biogen Trading Down 0.1 %

Shares of Biogen stock opened at $120.93 on Tuesday. 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’s 50 day simple moving average is $130.98 and its 200-day simple moving average is $147.51. The stock has a market cap of $17.70 billion, a P/E ratio of 10.81, a P/E/G ratio of 1.51 and a beta of 0.06. Biogen has a 1-year low of $110.04 and a 1-year high of $238.00.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.57). The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $3.67 EPS. Analysts predict that Biogen will post 15.83 EPS for the current fiscal year.

Insider Activity at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now directly 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 Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Inspire Trust Co. N.A. lifted its position in Biogen by 58.5% in the third quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company’s stock valued at $2,113,000 after acquiring an additional 4,025 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Biogen by 0.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 43,460 shares of the biotechnology company’s stock valued at $6,646,000 after buying an additional 111 shares during the last quarter. Amundi boosted its holdings in shares of Biogen by 35.6% in the fourth quarter. Amundi now owns 1,216,990 shares of the biotechnology company’s stock valued at $183,461,000 after acquiring an additional 319,478 shares in the last quarter. Centre Asset Management LLC increased its position in Biogen by 7.7% during the 4th quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock worth $7,880,000 after purchasing an additional 3,698 shares during the period. Finally, Integrated Quantitative Investments LLC acquired a new position in Biogen during the fourth quarter worth $407,000. 87.93% of the stock is owned by institutional investors and hedge funds.

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.