Robert W. Baird Issues Positive Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB - Free Report) had its price target upped by Robert W. Baird from $294.00 to $300.00 in a report published on Friday,Benzinga reports. The firm currently has an outperform rating on the biotechnology company's stock.

A number of other brokerages have also recently commented on BIIB. Truist Financial reiterated a "buy" rating and set a $302.00 target price (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Scotiabank reduced their target price on shares of Biogen from $275.00 to $244.00 and set a "sector outperform" rating on the stock in a report on Friday, August 2nd. Royal Bank of Canada lowered their price objective on shares of Biogen from $292.00 to $269.00 and set an "outperform" rating for the company in a research report on Friday, October 4th. Wedbush dropped their target price on Biogen from $210.00 to $205.00 and set a "neutral" rating on the stock in a research report on Monday, September 23rd. Finally, Morgan Stanley lowered shares of Biogen from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $285.00 to $204.00 in a research note on Thursday, October 31st. Twelve investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $258.96.

Biogen Stock Down 2.9 %

BIIB traded down $4.71 during trading hours on Friday, hitting $160.18. 1,179,098 shares of the company's stock were exchanged, compared to its average volume of 1,166,227. The firm has a market cap of $23.34 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. Biogen has a 12-month low of $159.68 and a 12-month high of $268.30. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $186.80 and a 200 day moving average of $207.77.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts' consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the firm posted $4.36 EPS. The company's quarterly revenue was down 2.5% compared to the same quarter last year. Analysts predict that Biogen will post 16.4 EPS for the current fiscal year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction 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 transaction, the insider now directly owns 5,316 shares of the company's stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biogen

Several institutional investors and hedge funds have recently bought and sold shares of the company. Plato Investment Management Ltd grew its stake in Biogen by 82.8% during the 1st 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. purchased a new position in shares of Biogen during the second quarter valued at approximately $33,000. Ashton Thomas Securities LLC purchased a new position in shares of Biogen during the 3rd quarter worth about $33,000. EntryPoint Capital LLC purchased a new stake in Biogen during the first quarter valued at about $36,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company's stock valued at $36,000 after acquiring an additional 85 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.