Biogen (NASDAQ:BIIB) Price Target Raised to $500.00

Biogen (NASDAQ:BIIB) had its price target lifted by Jefferies Financial Group from $450.00 to $500.00 in a research report report published on Tuesday morning, Analyst Ratings Network reports. The brokerage currently has a buy rating on the biotechnology company’s stock. Jefferies Financial Group also issued estimates for Biogen’s Q1 2022 earnings at $4.13 EPS, Q2 2022 earnings at $4.24 EPS, Q3 2022 earnings at $4.32 EPS, Q4 2022 earnings at $4.38 EPS, FY2022 earnings at $17.06 EPS and FY2023 earnings at $17.96 EPS.

BIIB has been the subject of several other research reports. Barclays upped their price target on Biogen from $265.00 to $395.00 and gave the stock an equal weight rating in a research note on Tuesday. Oppenheimer upped their price target on Biogen from $300.00 to $325.00 and gave the stock an outperform rating in a research note on Tuesday, May 18th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Biogen from a sell rating to a neutral rating and upped their price target for the stock from $200.00 to $440.00 in a research note on Tuesday. Raymond James upgraded Biogen from an underperform rating to a market perform rating in a research note on Monday. Finally, Bank of America upgraded Biogen from an underperform rating to a neutral rating and upped their price target for the stock from $235.00 to $400.00 in a research note on Monday. Sixteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $369.86.

Shares of BIIB stock opened at $414.71 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.75 and a current ratio of 2.12. Biogen has a fifty-two week low of $223.25 and a fifty-two week high of $468.55. The business has a 50-day moving average price of $282.68. The firm has a market cap of $62.44 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 1.87 and a beta of 0.44.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 earnings per share for the quarter, topping the consensus estimate of $5.06 by $0.28. Biogen had a return on equity of 42.04% and a net margin of 23.89%. The company had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the firm posted $9.14 EPS. The business’s revenue was down 23.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Biogen will post 18.43 earnings per share for the current fiscal year.

In other news, insider Alfred Sandrock sold 7,672 shares of the stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $440.00, for a total value of $3,375,680.00. Following the completion of the transaction, the insider now directly owns 2,919 shares of the company’s stock, valued at approximately $1,284,360. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Brian S. Posner sold 360 shares of the stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $274.17, for a total value of $98,701.20. Following the completion of the transaction, the director now directly owns 7,400 shares of the company’s stock, valued at $2,028,858. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Primecap Management Co. CA increased its holdings in Biogen by 5.9% during the 1st quarter. Primecap Management Co. CA now owns 16,758,256 shares of the biotechnology company’s stock valued at $4,688,122,000 after purchasing an additional 936,190 shares in the last quarter. BlackRock Inc. increased its holdings in Biogen by 0.6% during the 1st quarter. BlackRock Inc. now owns 13,502,628 shares of the biotechnology company’s stock valued at $3,777,361,000 after purchasing an additional 83,027 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Biogen by 10.3% during the 1st quarter. Clearbridge Investments LLC now owns 3,969,044 shares of the biotechnology company’s stock valued at $1,110,340,000 after purchasing an additional 370,371 shares in the last quarter. Geode Capital Management LLC increased its holdings in Biogen by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 2,796,511 shares of the biotechnology company’s stock valued at $780,818,000 after purchasing an additional 37,013 shares in the last quarter. Finally, Factorial Partners LLC increased its holdings in Biogen by 23,953.3% during the 1st quarter. Factorial Partners LLC now owns 2,573,700 shares of the biotechnology company’s stock valued at $9,200,000 after purchasing an additional 2,563,000 shares in the last quarter. 85.10% of the stock is owned by institutional investors and hedge funds.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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