Biogen (NASDAQ:BIIB) Price Target Lowered to $145.00 at Citigroup

Biogen (NASDAQ:BIIB) had its price target reduced by analysts at Citigroup from $160.00 to $145.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s target price suggests a potential upside of 6.96% from the company’s previous close.

Other research analysts have also issued research reports about the company. Piper Sandler lowered Biogen from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $315.00 to $138.00 in a report on Thursday, January 2nd. Bank Of America (Bofa) lowered their target price on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a report on Tuesday. Jefferies Financial Group cut Biogen from a “buy” rating to a “hold” rating and dropped their target price for the stock from $250.00 to $180.00 in a research report on Monday, December 9th. Oppenheimer decreased their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Finally, HC Wainwright cut their price objective on Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a research report on Thursday. Seventeen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $214.23.

Biogen Trading Up 1.6 %

BIIB stock traded up $2.13 during midday trading on Thursday, hitting $135.56. 754,804 shares of the company’s stock were exchanged, compared to its average volume of 1,350,006. The business has a 50-day simple moving average of $147.73 and a two-hundred day simple moving average of $174.05. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $19.75 billion, a PE ratio of 12.25, a P/E/G ratio of 1.65 and a beta of -0.08. Biogen has a 1-year low of $128.51 and a 1-year high of $238.00.

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

Institutional Investors Weigh In On Biogen

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Biogen by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company’s stock worth $2,561,238,000 after purchasing an additional 70,368 shares in the last quarter. State Street Corp increased its stake in 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 buying an additional 248,942 shares during the period. Geode Capital Management LLC boosted its stake in shares of Biogen by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company’s stock valued at $563,709,000 after buying an additional 82,456 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Biogen by 13,574.7% during the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Biogen during the fourth quarter worth $355,569,000. 87.93% of the stock is owned by hedge funds and other 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.