Biogen (NASDAQ:BIIB) Given New $190.00 Price Target at Barclays

Biogen (NASDAQ:BIIB) had its target price trimmed by Barclays from $200.00 to $190.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the biotechnology company’s stock.

A number of other research firms have also weighed in on BIIB. Truist Financial restated a buy rating and set a $340.00 price objective on shares of Biogen in a research note on Thursday, May 16th. Robert W. Baird cut their target price on shares of Biogen from $316.00 to $294.00 and set an outperform rating for the company in a research report on Monday, July 29th. HC Wainwright reissued a buy rating and issued a $300.00 target price on shares of Biogen in a report on Thursday, May 23rd. Needham & Company LLC reiterated a buy rating and set a $288.00 price objective on shares of Biogen in a research report on Thursday. Finally, Bank of America decreased their price target on shares of Biogen from $280.00 to $260.00 and set a neutral rating for the company in a research report on Friday, April 12th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $277.50.

Biogen Stock Performance

Shares of NASDAQ:BIIB traded down $8.31 on Friday, reaching $197.35. 825,046 shares of the company’s stock were exchanged, compared to its average volume of 1,147,873. The company has a current ratio of 2.29, a quick ratio of 1.32 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $28.73 billion, a price-to-earnings ratio of 25.11, a PEG ratio of 2.09 and a beta of -0.04. The company has a fifty day moving average of $225.01 and a 200-day moving average of $222.82. Biogen has a twelve month low of $189.44 and a twelve month high of $278.95.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the firm posted $4.02 EPS. The firm’s quarterly revenue was up .4% compared to the same quarter last year. On average, research analysts predict that Biogen will post 15.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BIIB. Plato Investment Management Ltd increased its position in shares of Biogen by 82.8% during the 1st 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 Biogen during the fourth quarter worth approximately $26,000. Rise Advisors LLC purchased a new stake in Biogen during the first quarter worth approximately $27,000. Hexagon Capital Partners LLC lifted its stake in Biogen by 76.1% during the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 51 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Biogen during the first quarter worth 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.