Biogen (NASDAQ:BIIB) Price Target Cut to $140.00 by Analysts at Wells Fargo & Company

Biogen (NASDAQ:BIIB) had its target price lowered by equities researchers at Wells Fargo & Company from $165.00 to $140.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 4.19% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. William Blair restated an “outperform” rating on shares of Biogen in a report on Monday, January 13th. BMO Capital Markets downgraded shares of Biogen from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $230.00 to $164.00 in a research note on Friday, December 20th. Truist Financial reduced their price objective on shares of Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday. Piper Sandler lowered Biogen from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $315.00 to $138.00 in a report on Thursday, January 2nd. Finally, Robert W. Baird upped their price objective on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. 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, the stock has an average rating of “Hold” and an average target price of $216.50.

Biogen Price Performance

BIIB traded up $0.94 during trading on Thursday, reaching $134.37. The company’s stock had a trading volume of 366,262 shares, compared to its average volume of 1,338,799. The company has a market cap of $19.58 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.65 and a beta of -0.08. The firm has a fifty day simple moving average of $147.73 and a two-hundred day simple moving average of $174.05. Biogen has a 1 year low of $128.51 and a 1 year high of $238.00. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating the consensus estimate 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, analysts anticipate that Biogen will post 16.42 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Lee Danner & Bass Inc. bought a new position in shares of Biogen in the 4th quarter worth about $25,000. Larson Financial Group LLC lifted its stake in Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 141 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen in the 3rd quarter worth about $33,000. SRS Capital Advisors Inc. bought a new position in Biogen in the 4th quarter worth about $33,000. Finally, Venturi Wealth Management LLC raised its holdings in shares of Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 93 shares during the last quarter. 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.