HC Wainwright Issues Pessimistic Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its target price reduced by stock analysts at HC Wainwright from $300.00 to $241.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price target suggests a potential upside of 80.62% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. Sanford C. Bernstein initiated coverage on Biogen in a research report on Tuesday. They issued a “market perform” rating and a $160.00 price target on the stock. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Bank Of America (Bofa) dropped their price objective on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday. Bank of America reiterated a “neutral” rating and set a $178.00 target price on shares of Biogen in a research note on Tuesday, December 10th. Finally, StockNews.com cut Biogen from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 28th. Seventeen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $217.46.

Biogen Stock Performance

NASDAQ BIIB opened at $133.43 on Thursday. The company has a market cap of $19.44 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.65 and a beta of -0.08. Biogen has a 1-year low of $128.51 and a 1-year high of $238.00. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The stock has a 50-day moving average of $147.73 and a two-hundred day moving average of $174.05.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping 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 Investors Weigh In On Biogen

Several hedge funds have recently modified their holdings of BIIB. Larson Financial Group LLC boosted its holdings 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 acquiring an additional 141 shares during the last quarter. Lee Danner & Bass Inc. purchased a new position in shares of Biogen in the 4th quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in Biogen during the 4th quarter worth approximately $32,000. Ashton Thomas Securities LLC purchased a new position in Biogen in the third quarter valued at approximately $33,000. Finally, SRS Capital Advisors Inc. acquired a new position in Biogen during the fourth quarter valued at approximately $33,000. 87.93% of the stock is 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.