Biogen (NASDAQ:BIIB) Price Target Lowered to $210.00 at Truist Financial

Biogen (NASDAQ:BIIB) had its price objective cut by Truist Financial from $220.00 to $210.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s price target suggests a potential upside of 57.39% from the company’s previous close.

BIIB has been the subject of a number of other research reports. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a research report on Thursday. Barclays dropped their target price on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Robert W. Baird increased their price target on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. StockNews.com downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. Finally, TD Cowen reduced their target price on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Seventeen equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $217.46.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $133.43 on Thursday. The company has a 50 day moving average of $147.73 and a 200 day 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 cap of $19.44 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.65 and a beta of -0.08. Biogen has a 12 month low of $128.51 and a 12 month high of $238.00.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS 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%. As a group, sell-side analysts forecast that Biogen will post 16.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Biogen

Large investors have recently made changes to their positions in the business. Quadrant Capital Group LLC grew its stake in shares of Biogen by 64.8% in the 4th quarter. Quadrant Capital Group LLC now owns 669 shares of the biotechnology company’s stock worth $102,000 after buying an additional 263 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co boosted its holdings in Biogen by 33.3% in the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 24,000 shares of the biotechnology company’s stock worth $3,670,000 after acquiring an additional 6,000 shares in the last quarter. Aviva PLC grew its stake in shares of Biogen by 373.4% in the fourth quarter. Aviva PLC now owns 87,731 shares of the biotechnology company’s stock worth $13,416,000 after acquiring an additional 69,199 shares during the last quarter. Rhenman & Partners Asset Management AB increased its holdings in shares of Biogen by 84.4% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 123,700 shares of the biotechnology company’s stock valued at $18,916,000 after acquiring an additional 56,600 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new position in shares of Biogen in the 4th quarter worth about $6,811,000. 87.93% of the stock is currently owned by hedge funds and other 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.