Wells Fargo & Company Lowers Biogen (NASDAQ:BIIB) Price Target to $225.00

Biogen (NASDAQ:BIIB) had its price objective decreased by Wells Fargo & Company from $240.00 to $225.00 in a research note issued to investors on Friday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the biotechnology company’s stock.

Other equities analysts have also recently issued reports about the company. Piper Sandler reduced their target price on Biogen from $335.00 to $313.00 and set an overweight rating for the company in a research report on Friday, July 12th. Needham & Company LLC reaffirmed a buy rating and set a $288.00 price target on shares of Biogen in a research note on Thursday, August 1st. Robert W. Baird dropped their price target on Biogen from $316.00 to $294.00 and set an outperform rating for the company in a research note on Monday, July 29th. Wedbush lowered their target price on Biogen from $215.00 to $210.00 and set a neutral rating for the company in a research note on Friday. Finally, Scotiabank lowered their target price on Biogen from $275.00 to $244.00 and set a sector outperform rating for the company in a research note on Friday. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $276.42.

Biogen Stock Performance

NASDAQ:BIIB traded up $2.99 during trading hours on Friday, reaching $201.38. The stock had a trading volume of 329,649 shares, compared to its average volume of 1,146,081. The stock has a market cap of $29.32 billion, a P/E ratio of 25.09, a price-to-earnings-growth ratio of 2.09 and a beta of -0.04. Biogen has a 12-month low of $189.44 and a 12-month high of $278.95. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.32 and a current ratio of 2.29. The stock has a 50 day simple moving average of $224.62 and a 200 day simple moving average of $222.47.

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

Institutional Trading of Biogen

Several hedge funds and other institutional investors have recently made changes to their positions in BIIB. Plato Investment Management Ltd grew its stake in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the last quarter. Livelsberger Financial Advisory purchased a new stake in shares of Biogen in the 4th quarter worth approximately $26,000. Rise Advisors LLC purchased a new stake in shares of Biogen in the 1st quarter worth approximately $27,000. Hexagon Capital Partners LLC grew its stake in shares of Biogen by 76.1% in the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after buying an additional 51 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new position in Biogen in the 1st quarter valued at approximately $36,000. Hedge funds and other institutional investors 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.