In a recent research note, Morgan Stanley has decreased its price target for Biogen (NASDAQ:BIIB) from $381.00 to $361.00. The firm currently maintains an “overweight” rating on the biotechnology company’s stock. However, despite the reduced price target, Morgan Stanley’s analysis suggests a potential upside of 35.49% from the stock’s previous close.
On Wednesday, October 11th, NASDAQ BIIB traded up by $2.31, reaching a trading price of $266.45. The company witnessed a trading volume of 77,856 shares, which is lower than its average volume of 994,164 shares. Biogen’s fifty-day moving average stands at $262.80, while its 200-day moving average is recorded at $281.22.
Looking at Biogen’s performance over the past year, the company has experienced a one-year low of $248.41 and a one-year high of $319.76.
Biogen exhibits strong financial health with a current ratio of 3.27 and a quick ratio of 2.86. Furthermore, the company maintains a debt-to-equity ratio of 0.43.
With a market cap value amounting to $38.59 billion and a price-to-earnings ratio of 14.50, Biogen possesses promising investment potential in the biotechnology sector.
Turning our attention to institutional investors and hedge funds associated with Biogen, there have been notable changes in their holdings recently.
Ameritas Investment Partners Inc., for instance, saw an increase by 0.7% in its holdings during the first quarter and now owns 4,833 shares valued at approximately $1,344,000.
Wahed Invest LLC also witnessed an increase in their stake by 1.9% during the same period and currently owns 1,849 shares valued at around $514,000.
Trust Co. of Vermont holds 2,258 shares worth $628,000 after a 1.7% increase in their position during the first quarter.
B. Metzler seel. Sohn & Co. AG now owns 6,688 shares valued at $1,905,000 after witnessing a 0.6% increase in holdings during the second quarter.
Snowden Capital Advisors LLC experienced a growth of their stake by 2.5% and currently has 1,591 shares estimated to be worth $453,000.
Overall, hedge funds and institutional investors hold approximately 85.99% of Biogen’s stock.
In terms of financial performance, Biogen reported its quarterly earnings results on Tuesday, July 25th. The company exceeded analysts’ consensus estimates with earnings per share (EPS) of $4.02 for the quarter, surpassing projections by $0.25.
Furthermore, Biogen generated $2.46 billion in revenue during this period compared to the consensus estimate of $2.36 billion.
The net margin for Biogen stands at an impressive 26.72%, indicating strong profitability for the company.
However, it is important to note that Biogen’s revenue was down by 5.1% year-over-year reflecting some challenges faced by the company recently.
Analysts predict that for the current fiscal year, Biogen will report earnings per share (EPS) of approximately $15.26.
By considering all these factors and assessing whether the potential upside suggested by Morgan Stanley outweighs the concerns about declining revenue and recent challenges faced by Biogen remains crucial for investors looking to make informed investment decisions in this biotechnology industry giant.
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Mixed Ratings from Equities Research Analysts and Insider Share Sale Cast Uncertainty on Biogen’s Future Performance
October 11, 2023
Biogen Receives Mixed Ratings from Equities Research Analysts and Insider Sells Shares
In recent developments, a number of equities research analysts have evaluated Biogen and provided their opinions on the company’s performance. Meanwhile, an insider has sold a significant number of shares. Let us delve deeper into these occurrences and analyze their potential impact.
Firstly, Needham & Company LLC downgraded their price target on Biogen from $323.00 to $305.00, endorsing a “buy” rating on the stock in a research note on August 8th. Likewise, BMO Capital Markets also reduced their target price from $347.00 to $336.00 while maintaining an “outperform” rating on the stock in another research report that same day. Furthermore, Barclays lowered their price target from $311.00 to $294.00 and assigned an “equal weight” rating for Biogen on August 8th as well.
Adding to the perplexity surrounding Biogen’s ratings, HSBC initiated coverage on the company on September 6th by issuing a “buy” rating along with a $360.00 price objective for the stock. Lastly, Mizuho decreased their target price from $340.00 to $335.00 but upheld a “buy” rating for Biogen in their report released on August 14th.
A closer inspection reveals that four equities research analysts have rated Biogen as a hold, while twenty-two others have labeled it as a buy opportunity based on data from Bloomberg. These varying opinions contribute to the company’s consensus rating of “Moderate Buy.” Additionally, a consensus target price of $326.48 has been determined based on these evaluations.
Turning our attention now to insider trading activities at Biogen, it is worth noting that Priya Singhal recently sold 431 shares of the company’s stock in accordance with a transaction that took place on September 5th. The shares were sold at an average price of $269.43, resulting in a total transaction value of $116,124.33. As per the information provided in the legal filing with the SEC, Singhal now possesses 3,354 shares in the company, valued at $903,668.22.
These recent occurrences warrant further consideration as they have potential implications for Biogen’s overall performance and market perception. Investors and industry analysts may find it useful to scrutinize these events for insights into the trajectory of the company’s stock price and its underlying fundamentals.
It must be noted that this analysis is subject to change based on future developments or updates that may arise within the equities research analyst community or from insider transactions made by key individuals associated with Biogen.
