JPMorgan Chase & Co. Issues Pessimistic Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its target price cut by investment analysts at JPMorgan Chase & Co. from $220.00 to $210.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 18.69% from the stock’s current price.

A number of other brokerages have also issued reports on BIIB. Scotiabank dropped their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a research report on Monday, September 9th. Barclays decreased their target price on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and set a $270.00 price target on shares of Biogen in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company decreased their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $261.58.

Biogen Stock Performance

Shares of BIIB stock opened at $176.93 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen has a 52 week low of $170.71 and a 52 week high of $268.30. The company’s 50 day moving average price is $191.56 and its two-hundred day moving average price is $209.34. The company has a market capitalization of $25.78 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 1.65 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.36 EPS. On average, analysts expect that Biogen will post 16.4 earnings per share for the current fiscal year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The shares were 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 owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biogen

Hedge funds and other institutional investors have recently made changes to their positions in the business. Plato Investment Management Ltd increased 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 acquiring an additional 53 shares during the period. Itau Unibanco Holding S.A. bought a new position in shares of Biogen in the second quarter worth $33,000. Versant Capital Management Inc raised its stake in 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 in the last quarter. EntryPoint Capital LLC bought a new stake in Biogen during the first quarter worth about $36,000. Finally, Ashton Thomas Securities LLC acquired a new stake in Biogen during the third quarter worth about $33,000. 87.93% of the stock is currently 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.