Wells Fargo & Company Lowers Biogen (NASDAQ:BIIB) Price Target to $140.00

Biogen (NASDAQ:BIIB) had its price target dropped by investment analysts at Wells Fargo & Company from $165.00 to $140.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 4.19% from the company’s current price.

Several other analysts also recently commented on the stock. Citigroup decreased their target price on shares of Biogen from $190.00 to $160.00 and set a “neutral” rating for the company in a research report on Tuesday, January 28th. Needham & Company LLC reissued a “hold” rating on shares of Biogen in a research report on Thursday. Piper Sandler cut Biogen from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $315.00 to $138.00 in a research report on Thursday, January 2nd. Bank of America reissued a “neutral” rating and set a $178.00 price objective on shares of Biogen in a report on Tuesday, December 10th. Finally, Oppenheimer reduced their target price on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Seventeen 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, the stock has a consensus rating of “Hold” and an average target price of $216.50.

Biogen Price Performance

Biogen stock traded up $0.94 during midday trading on Thursday, hitting $134.37. The company’s stock had a trading volume of 366,262 shares, compared to its average volume of 1,338,799. The stock’s 50-day moving average price is $147.73 and its 200-day moving average price is $174.05. The company has a market capitalization of $19.58 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen has a 12 month low of $128.51 and a 12 month high of $238.00.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Analysts anticipate that Biogen will post 16.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Lee Danner & Bass Inc. bought a new position in shares of Biogen in the 4th quarter valued at about $25,000. Larson Financial Group LLC increased its holdings in shares of Biogen by 640.9% during the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 141 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen in the third quarter valued at approximately $33,000. SRS Capital Advisors Inc. acquired a new stake in shares of Biogen in the fourth quarter valued at approximately $33,000. Finally, Venturi Wealth Management LLC boosted its stake in shares of Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 93 shares during the period. 87.93% of the stock is currently owned by institutional investors.

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.