Barclays Lowers Biogen (NASDAQ:BIIB) Price Target to $190.00

Biogen (NASDAQ:BIIB) had its price objective trimmed by Barclays from $200.00 to $190.00 in a report released on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the biotechnology company’s stock.

A number of other research analysts also recently weighed in on BIIB. HC Wainwright restated a buy rating and set a $300.00 price objective on shares of Biogen in a research report on Thursday, May 23rd. Royal Bank of Canada reissued an outperform rating and set a $317.00 price target on shares of Biogen in a report on Wednesday, June 26th. Wedbush lifted their price objective on Biogen from $213.00 to $215.00 and gave the stock a neutral rating in a report on Thursday, April 25th. Needham & Company LLC reissued a buy rating and issued a $288.00 target price on shares of Biogen in a report on Thursday. Finally, Truist Financial restated a buy rating and set a $340.00 price target on shares of Biogen in a research note on Thursday, May 16th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $279.08.

Biogen Stock Down 2.4 %

BIIB stock opened at $205.66 on Friday. The stock has a market capitalization of $29.94 billion, a P/E ratio of 25.68, a P/E/G ratio of 2.09 and a beta of -0.04. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.32. Biogen has a 1-year low of $189.44 and a 1-year high of $278.95. The business has a fifty day moving average price of $225.01 and a 200-day moving average price of $223.13.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. Biogen’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the company earned $4.02 EPS. Equities analysts forecast that Biogen will post 15.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently modified their holdings of BIIB. Deseret Mutual Benefit Administrators increased its holdings in Biogen by 5.5% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 1,524 shares of the biotechnology company’s stock valued at $353,000 after acquiring an additional 79 shares during the last quarter. TD Asset Management Inc grew its position in shares of Biogen by 3.7% during the second quarter. TD Asset Management Inc now owns 380,788 shares of the biotechnology company’s stock valued at $88,274,000 after purchasing an additional 13,552 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Biogen by 132.5% during the second quarter. Larson Financial Group LLC now owns 486 shares of the biotechnology company’s stock valued at $113,000 after purchasing an additional 277 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Biogen by 0.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 12,496 shares of the biotechnology company’s stock worth $2,897,000 after purchasing an additional 100 shares during the last quarter. Finally, Allegheny Financial Group LTD bought a new position in Biogen during the second quarter valued at approximately $663,000. 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.