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

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

BIIB has been the topic of a number of other reports. Stifel Nicolaus cut Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target on the stock. in a research report on Monday, December 16th. Mizuho lowered their price objective on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research report on Thursday, November 21st. Jefferies Financial Group cut Biogen from a “buy” rating to a “hold” rating and decreased their price target for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. TD Cowen reduced their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Canaccord Genuity Group lowered their target price on shares of Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research note on Thursday. Seventeen equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $214.23.

Biogen Price Performance

Shares of NASDAQ:BIIB traded up $2.13 during trading on Thursday, reaching $135.56. The company had a trading volume of 754,804 shares, compared to its average volume of 1,350,006. The company has a fifty day moving average of $147.73 and a two-hundred day moving average of $174.05. The stock has a market capitalization of $19.75 billion, a P/E ratio of 12.25, a price-to-earnings-growth 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. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last released its 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 return on equity of 14.98% and a net margin of 16.81%. Equities research analysts forecast that Biogen will post 16.42 earnings per share for the current year.

Institutional Investors Weigh In On Biogen

Large investors have recently modified their holdings of the business. Inspire Trust Co. N.A. grew its stake in Biogen by 58.5% during the 3rd quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company’s stock valued at $2,113,000 after acquiring an additional 4,025 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Biogen by 0.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 43,460 shares of the biotechnology company’s stock valued at $6,646,000 after purchasing an additional 111 shares in the last quarter. Centre Asset Management LLC increased its holdings in shares of Biogen by 7.7% in the fourth quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock valued at $7,880,000 after purchasing an additional 3,698 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Biogen by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after buying an additional 12,319 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Biogen by 3.2% during the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock worth $32,687,000 after buying an additional 5,270 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.