Bank of America Cuts Biogen (NASDAQ:BIIB) Price Target to $360.00

Biogen (NASDAQ:BIIB) had its price target decreased by equities research analysts at Bank of America from $400.00 to $360.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s price objective points to a potential upside of 19.49% from the company’s current price.

Several other equities research analysts have also recently commented on the company. Robert W. Baird set a $358.16 price objective on Biogen and gave the company a “hold” rating in a research report on Sunday, July 11th. Cowen raised Biogen from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $225.00 to $450.00 in a research report on Monday, June 7th. UBS Group raised Biogen from a “neutral” rating to a “buy” rating and set a $463.00 price objective on the stock in a research report on Thursday, June 10th. Canaccord Genuity raised their target price on Biogen from $359.00 to $423.00 and gave the stock a “buy” rating in a research report on Tuesday, July 27th. Finally, Sanford C. Bernstein raised Biogen from a “market perform” rating to an “outperform” rating and set a $500.00 target price on the stock in a research report on Friday, June 11th. Fourteen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Biogen currently has an average rating of “Buy” and a consensus price target of $394.64.

Shares of NASDAQ:BIIB traded up $5.32 on Wednesday, hitting $301.27. 24,688 shares of the company traded hands, compared to its average volume of 1,461,851. Biogen has a 52 week low of $223.25 and a 52 week high of $468.55. The company has a quick ratio of 1.77, a current ratio of 2.15 and a debt-to-equity ratio of 0.65. The stock has a 50 day simple moving average of $335.20 and a 200-day simple moving average of $309.58. The company has a market cap of $44.90 billion, a PE ratio of 24.18, a PEG ratio of 1.54 and a beta of 0.41.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, July 21st. The biotechnology company reported $5.68 earnings per share for the quarter, beating the consensus estimate of $4.55 by $1.13. Biogen had a return on equity of 34.74% and a net margin of 16.40%. The firm had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period last year, the company earned $10.26 earnings per share. The company’s revenue was down 24.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Biogen will post 18.67 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Primecap Management Co. CA increased its stake in Biogen by 5.9% in the 1st quarter. Primecap Management Co. CA now owns 16,758,256 shares of the biotechnology company’s stock worth $4,688,122,000 after acquiring an additional 936,190 shares during the last quarter. BlackRock Inc. increased its stake in Biogen by 0.6% in the 1st quarter. BlackRock Inc. now owns 13,502,628 shares of the biotechnology company’s stock worth $3,777,361,000 after acquiring an additional 83,027 shares during the last quarter. Clearbridge Investments LLC increased its stake in Biogen by 10.3% in the 1st quarter. Clearbridge Investments LLC now owns 3,969,044 shares of the biotechnology company’s stock worth $1,110,340,000 after acquiring an additional 370,371 shares during the last quarter. Geode Capital Management LLC increased its stake in Biogen by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 2,893,750 shares of the biotechnology company’s stock worth $1,000,095,000 after acquiring an additional 97,239 shares during the last quarter. Finally, Factorial Partners LLC increased its stake in Biogen by 23,953.3% in the 1st quarter. Factorial Partners LLC now owns 2,573,700 shares of the biotechnology company’s stock worth $9,200,000 after acquiring an additional 2,563,000 shares during the last quarter. 83.18% of the stock is currently owned by institutional investors and hedge funds.

Biogen Company Profile

Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis; SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of severe plaque psoriasis.

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