Biogen (NASDAQ:BIIB) Price Target Cut to $165.00 by Analysts at Wells Fargo & Company

Biogen (NASDAQ:BIIB) had its price target decreased by Wells Fargo & Company from $190.00 to $165.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.15% from the company’s current price.

A number of other equities research analysts have also commented on BIIB. UBS Group dropped their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Bank of America reissued a “neutral” rating and issued a $178.00 price objective on shares of Biogen in a report on Tuesday, December 10th. Oppenheimer dropped their price target on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Needham & Company LLC cut shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price on the stock. in a report on Monday, November 18th. Finally, Truist Financial reduced their price target on Biogen from $302.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday. Sixteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Biogen presently has a consensus rating of “Hold” and a consensus price target of $230.00.

Biogen Trading Down 0.6 %

Shares of BIIB stock opened at $149.79 on Friday. Biogen has a 52-week low of $145.07 and a 52-week high of $252.94. The stock has a market cap of $21.83 billion, a price-to-earnings ratio of 13.53, a P/E/G ratio of 1.74 and a beta of -0.07. The firm has a fifty day moving average of $157.88 and a 200-day moving average of $188.34. 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 (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping 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 firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business earned $4.36 EPS. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Biogen will post 16.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biogen

Several institutional investors have recently added to or reduced their stakes in the stock. Primecap Management Co. CA increased its holdings in Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after acquiring an additional 117,578 shares during the period. State Street Corp boosted its stake in shares of Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after purchasing an additional 248,942 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Biogen by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares during the last quarter. RA Capital Management L.P. raised its position in Biogen by 20.6% in the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock worth $229,595,000 after purchasing an additional 202,317 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Biogen by 1.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock worth $223,438,000 after purchasing an additional 18,905 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

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.