Biogen (NASDAQ:BIIB) Price Target Lowered to $220.00 at Truist Financial

Biogen (NASDAQ:BIIB) had its price target lowered by research analysts at Truist Financial from $302.00 to $220.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s target price would suggest a potential upside of 45.94% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Wolfe Research started coverage on shares of Biogen in a report on Friday, November 15th. They issued a “peer perform” rating on the stock. Jefferies Financial Group lowered shares of Biogen from a “buy” rating to a “hold” rating and lowered their target price for the stock from $250.00 to $180.00 in a report on Monday, December 9th. Raymond James reiterated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective for the company. in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Sixteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $232.40.

Biogen Trading Down 1.6 %

BIIB opened at $150.75 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen has a fifty-two week low of $145.07 and a fifty-two week high of $257.28. The firm has a market capitalization of $21.97 billion, a PE ratio of 13.62, a P/E/G ratio of 1.74 and a beta of -0.07. The company’s 50-day moving average is $157.88 and its 200 day moving average is $188.34.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share 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 company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the business posted $4.36 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. As a group, research analysts predict that Biogen will post 16.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BIIB. Private Advisor Group LLC boosted its holdings in Biogen by 80.4% in the 2nd quarter. Private Advisor Group LLC now owns 8,721 shares of the biotechnology company’s stock valued at $2,022,000 after purchasing an additional 3,888 shares during the period. Acadian Asset Management LLC boosted its holdings in Biogen by 201.9% in the 2nd quarter. Acadian Asset Management LLC now owns 5,702 shares of the biotechnology company’s stock valued at $1,320,000 after purchasing an additional 3,813 shares during the period. Choreo LLC bought a new position in Biogen in the 2nd quarter valued at $297,000. LGT Fund Management Co Ltd. bought a new position in Biogen in the 2nd quarter valued at $388,000. Finally, Royal London Asset Management Ltd. boosted its holdings in Biogen by 22.4% in the 2nd quarter. Royal London Asset Management Ltd. now owns 69,572 shares of the biotechnology company’s stock valued at $16,128,000 after purchasing an additional 12,751 shares during the period. 87.93% of the stock is owned by institutional investors.

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.