Biogen (NASDAQ:BIIB) Price Target Cut to $210.00 by Analysts at JPMorgan Chase & Co.
JPMorgan Chase & Co. has reduced its price target for Biogen (NASDAQ:BIIB) from .00 to .00, maintaining a "neutral" rating. This adjustment suggests a potential upside of 21.30% from the current stock price. Other analysts have also made changes to their ratings, with ten analysts holding a "hold" rating, sixteen a "buy" rating, and one a "strong buy". Biogen's stock performance shows a 52-week low of .71 and a high of .30, with a market cap of .23 billion. The company reported an EPS of .08 for the last quarter, exceeding estimates.
Biogen (NASDAQ:BIIB - Get Free Report) had its price objective cut by JPMorgan Chase & Co. from $220.00 to $210.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 21.30% from the stock's current price.
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A number of other analysts have also recently issued reports on the company. StockNews.com upgraded Biogen from a "buy" rating to a "strong-buy" rating in a report on Monday, September 2nd. Piper Sandler cut their target price on Biogen from $335.00 to $313.00 and set an "overweight" rating on the stock in a research report on Friday, July 12th. UBS Group lowered their price objective on Biogen from $234.00 to $202.00 and set a "neutral" rating for the company in a report on Thursday, October 3rd. Robert W. Baird cut their target price on shares of Biogen from $316.00 to $294.00 and set an "outperform" rating on the stock in a report on Monday, July 29th. Finally, Wedbush reduced their price objective on Biogen from $210.00 to $205.00 and set a "neutral" rating for the company in a research report on Monday, September 23rd. Ten analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Biogen currently has a consensus rating of "Moderate Buy" and a consensus target price of $261.58.
Get Our Latest Research Report on BIIB
Biogen Price Performance
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Shares of BIIB traded down $0.66 during mid-day trading on Monday, reaching $173.13. 320,117 shares of the company's stock were exchanged, compared to its average volume of 1,130,322. Biogen has a 52-week low of $170.71 and a 52-week high of $268.30. The company has a market cap of $25.23 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 1.73 and a beta of -0.06. The company has a 50-day simple moving average of $192.71 and a two-hundred day simple moving average of $209.59. The company has a quick ratio of 1.48, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.
Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm had revenue of $2.47 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the company earned $4.36 EPS. Biogen's revenue for the quarter was down 2.5% on a year-over-year basis. On average, sell-side analysts predict that Biogen will post 16.36 EPS for the current fiscal year.
Insider Buying and Selling
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In other news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares of the company's stock, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Biogen
A number of institutional investors have recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd raised its stake in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company's stock worth $25,000 after buying an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in Biogen during the second quarter worth $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen during the 1st quarter worth approximately $36,000. Versant Capital Management Inc grew its position in shares of Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company's stock valued at $36,000 after purchasing an additional 85 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company's stock worth $38,000 after purchasing an additional 127 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.
Biogen Company Profile
(Get Free Report)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.
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