Wells Fargo & Company Lowers Biogen (NASDAQ:BIIB) Price Target to $165.00

Biogen (NASDAQ:BIIB) had its target price cut by Wells Fargo & Company from $190.00 to $165.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

BIIB has been the topic of several other research reports. Citigroup initiated coverage on Biogen in a research note on Thursday, November 14th. They set a “neutral” rating and a $190.00 price target on the stock. Bank of America reiterated a “neutral” rating and issued a $178.00 price target on shares of Biogen in a report on Tuesday, December 10th. Mizuho decreased their price objective on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research note on Thursday, November 21st. Piper Sandler lowered shares of Biogen from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $315.00 to $138.00 in a research note on Thursday, January 2nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Sixteen 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 presently has a consensus rating of “Hold” and a consensus target price of $230.00.

Biogen Price Performance

Shares of BIIB stock opened at $148.82 on Friday. Biogen has a fifty-two week low of $145.07 and a fifty-two week high of $252.94. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The firm has a market capitalization of $21.69 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.74 and a beta of -0.07. The stock’s 50-day simple moving average is $157.38 and its 200-day simple moving average is $187.80.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the business posted $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, equities analysts forecast that Biogen will post 16.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

Institutional investors have recently bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen in the second quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new position in Biogen in the 3rd quarter valued at $33,000. Venturi Wealth Management LLC lifted its holdings in Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares in the last quarter. Versant Capital Management Inc boosted its stake in Biogen by 228.7% during the 4th quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock worth $61,000 after purchasing an additional 279 shares during the last quarter. Finally, FSA Wealth Management LLC purchased a new stake in shares of Biogen during the third quarter worth $74,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.