Mizuho Lowers Biogen (NASDAQ:BIIB) Price Target to $169.00

Biogen (NASDAQ:BIIB) had its price target lowered by Mizuho from $207.00 to $169.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the biotechnology company’s stock.

Several other analysts also recently weighed in on BIIB. Robert W. Baird cut their price objective on shares of Biogen from $300.00 to $255.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. BMO Capital Markets cut their target price on Biogen from $156.00 to $139.00 and set a “market perform” rating on the stock in a research note on Thursday, February 13th. William Blair reissued an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Canaccord Genuity Group cut their price objective on shares of Biogen from $265.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Finally, The Goldman Sachs Group decreased their target price on shares of Biogen from $219.00 to $197.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Twenty research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Hold” and an average price target of $191.30.

Biogen Price Performance

BIIB opened at $118.20 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $128.33 and its 200 day moving average price is $144.65. Biogen has a fifty-two week low of $110.04 and a fifty-two week high of $238.00. The firm has a market cap of $17.32 billion, a price-to-earnings ratio of 10.56, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period last year, the business posted $3.67 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, sell-side analysts expect that Biogen will post 15.83 earnings per share for the current year.

Insider Buying and Selling at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the transaction, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This represents a 43.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Pacer Advisors Inc. lifted its stake in Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the period. Norges Bank bought a new position in shares of Biogen during the fourth quarter worth $355,569,000. Van ECK Associates Corp grew its position in shares of Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after purchasing an additional 967,523 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its stake in Biogen by 1,663.4% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company’s stock valued at $106,813,000 after buying an additional 736,301 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after purchasing an additional 499,074 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.