Barclays Trims Biogen (NASDAQ:BIIB) Target Price to $190.00

Biogen (NASDAQ:BIIB) had its target price reduced by Barclays from $200.00 to $190.00 in a report issued on Friday morning, Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

A number of other equities analysts have also commented on BIIB. Wedbush boosted their price objective on shares of Biogen from $213.00 to $215.00 and gave the stock a neutral rating in a report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price target on shares of Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research note on Thursday, April 11th. HSBC boosted their price target on shares of Biogen from $339.00 to $342.00 and gave the company a buy rating in a report on Friday, May 3rd. Truist Financial reiterated a buy rating and issued a $340.00 price objective on shares of Biogen in a research note on Thursday, May 16th. Finally, HC Wainwright restated a buy rating and set a $300.00 price target on shares of Biogen in a research note on Thursday, May 23rd. Ten investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $277.50.

Biogen Stock Down 4.0 %

Shares of BIIB stock traded down $8.31 on Friday, reaching $197.35. 825,046 shares of the stock were exchanged, compared to its average volume of 1,147,873. Biogen has a twelve month low of $189.44 and a twelve month high of $278.95. 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 current ratio of 2.29, a quick ratio of 1.32 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average price is $225.01 and its 200 day moving average price is $222.82.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the company posted $4.02 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. As a group, sell-side analysts expect that Biogen will post 15.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BIIB. Global Retirement Partners LLC increased its holdings in Biogen by 68.6% in the 4th quarter. Global Retirement Partners LLC now owns 263 shares of the biotechnology company’s stock valued at $65,000 after purchasing an additional 107 shares in the last quarter. Ballentine Partners LLC grew its stake in shares of Biogen by 7.9% during the fourth quarter. Ballentine Partners LLC now owns 1,649 shares of the biotechnology company’s stock valued at $427,000 after acquiring an additional 121 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Biogen by 24,726.3% during the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock valued at $123,411,000 after acquiring an additional 474,992 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in shares of Biogen during the fourth quarter valued at about $3,674,000. Finally, Grimes & Company Inc. grew its stake in shares of Biogen by 1.4% during the fourth quarter. Grimes & Company Inc. now owns 45,199 shares of the biotechnology company’s stock valued at $11,696,000 after acquiring an additional 629 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

About Biogen

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.