Biogen (NASDAQ:BIIB) Price Target Cut to $244.00 by Analysts at Scotiabank

Biogen (NASDAQ:BIIB) had its price objective trimmed by Scotiabank from $275.00 to $244.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a sector outperform rating on the biotechnology company’s stock.

Several other equities analysts have also weighed in on the stock. Oppenheimer reiterated an outperform rating and set a $270.00 price objective on shares of Biogen in a report on Monday, April 29th. Royal Bank of Canada restated an outperform rating and issued a $317.00 target price on shares of Biogen in a report on Wednesday, June 26th. Robert W. Baird lowered their target price on shares of Biogen from $316.00 to $294.00 and set an outperform rating on the stock in a report on Monday, July 29th. William Blair restated an outperform rating on shares of Biogen in a report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Biogen from $270.00 to $240.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Nine investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $276.42.

Biogen Trading Up 1.3 %

BIIB traded up $2.61 during trading on Friday, reaching $201.00. 403,318 shares of the stock traded hands, compared to its average volume of 1,146,705. The company has a quick ratio of 1.32, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $29.27 billion, a PE ratio of 25.09, a P/E/G ratio of 2.09 and a beta of -0.04. The stock’s 50-day moving average is $224.62 and its 200 day moving average is $222.47. Biogen has a 12 month low of $189.44 and a 12 month high of $278.95.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the prior year, the business earned $4.02 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts anticipate that Biogen will post 15.87 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BIIB. Vanguard Group Inc. boosted its holdings in Biogen by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after buying an additional 2,218,744 shares during the period. Norges Bank bought a new position in Biogen in the 4th quarter worth approximately $378,728,000. FIL Ltd boosted its holdings in Biogen by 936.4% in the 4th quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock worth $169,883,000 after buying an additional 593,158 shares during the period. First Trust Advisors LP boosted its holdings in Biogen by 141.0% in the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after buying an additional 571,795 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in Biogen by 24,726.3% in the 4th quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after buying an additional 474,992 shares during the period. 87.93% of the stock is owned by 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.