Biogen (NASDAQ:BIIB) Given New $225.00 Price Target at Wells Fargo & Company

Biogen (NASDAQ:BIIB) had its price target cut by Wells Fargo & Company from $240.00 to $225.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

BIIB has been the subject of a number of other reports. Oppenheimer reiterated an outperform rating and set a $270.00 price target on shares of Biogen in a research report on Monday, April 29th. HC Wainwright reaffirmed a buy rating and set a $300.00 price objective on shares of Biogen in a report on Thursday, May 23rd. Barclays lowered their target price on Biogen from $200.00 to $190.00 and set an equal weight rating on the stock in a report on Friday. Piper Sandler cut their price target on Biogen from $335.00 to $313.00 and set an overweight rating for the company in a research note on Friday, July 12th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $317.00 price objective on shares of Biogen in a research report on Wednesday, June 26th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, Biogen presently has a consensus rating of Moderate Buy and a consensus target price of $279.08.

Biogen Stock Down 2.4 %

Biogen stock opened at $205.66 on Friday. The stock’s 50 day moving average price is $225.01 and its 200 day moving average price is $223.13. Biogen has a 1-year low of $189.44 and a 1-year high of $278.95. The company has a market cap of $29.94 billion, a PE ratio of 25.68, a price-to-earnings-growth 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 (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the company posted $4.02 EPS. The business’s revenue for the quarter was up .4% on a year-over-year basis. On average, sell-side analysts predict that Biogen will post 15.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Plato Investment Management Ltd increased its position in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the last quarter. Livelsberger Financial Advisory purchased a new stake in shares of Biogen during the 4th quarter valued at $26,000. Rise Advisors LLC purchased a new position in shares of Biogen in the 1st quarter worth $27,000. Hexagon Capital Partners LLC boosted its holdings in Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 51 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Biogen during the first quarter valued at about $36,000. 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.