The Goldman Sachs Group Cuts Biogen (NASDAQ:BIIB) Price Target to $245.00

Biogen (NASDAQ:BIIB) had its price objective lowered by stock analysts at The Goldman Sachs Group from $281.00 to $245.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 79.01% from the company’s current price.

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group cut their price objective on shares of Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a report on Thursday. Barclays dropped their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Piper Sandler lowered shares of Biogen from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $315.00 to $138.00 in a report on Thursday, January 2nd. Bank of America restated a “neutral” rating and set a $178.00 price target on shares of Biogen in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. decreased their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Seventeen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $213.63.

Biogen Price Performance

Shares of NASDAQ BIIB traded up $3.44 during midday trading on Thursday, hitting $136.87. The stock had a trading volume of 870,742 shares, compared to its average volume of 1,359,385. 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 1 year low of $128.51 and a 1 year high of $238.00. The company has a market capitalization of $19.94 billion, a PE ratio of 12.38, a P/E/G ratio of 1.65 and a beta of -0.08. The stock has a 50 day simple moving average of $147.73 and a 200-day simple moving average of $174.05.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 expect that Biogen will post 16.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Biogen

Institutional investors have recently modified their holdings of the business. Lee Danner & Bass Inc. purchased a new position in Biogen in the fourth quarter valued at $25,000. Larson Financial Group LLC raised its position in Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 141 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Biogen in the 3rd quarter valued at about $33,000. SRS Capital Advisors Inc. acquired a new position in shares of Biogen during the fourth quarter worth about $33,000. Finally, Venturi Wealth Management LLC grew its position in shares of Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after buying an additional 93 shares in the last quarter. Institutional investors and hedge funds 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.