Biogen (NASDAQ:BIIB) Price Target Lowered to $241.00 at HC Wainwright

Biogen (NASDAQ:BIIB) had its price objective lowered by HC Wainwright from $300.00 to $241.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other brokerages have also recently issued reports on BIIB. BMO Capital Markets cut shares of Biogen from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $230.00 to $164.00 in a research note on Friday, December 20th. Jefferies Financial Group lowered shares of Biogen from a “buy” rating to a “hold” rating and cut their price target for the company from $250.00 to $180.00 in a research report on Monday, December 9th. William Blair reiterated an “outperform” rating on shares of Biogen in a report on Monday, January 13th. Piper Sandler cut Biogen from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $315.00 to $138.00 in a report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. reduced their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Seventeen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $211.96.

Biogen Trading Up 3.8 %

Shares of BIIB stock opened at $138.45 on Thursday. The business has a 50-day moving average price of $147.73 and a two-hundred day moving average price of $174.05. Biogen has a 12-month low of $128.51 and a 12-month high of $238.00. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market cap of $20.17 billion, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Equities analysts anticipate that Biogen will post 16.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Biogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Lee Danner & Bass Inc. purchased a new stake in shares of Biogen in the 4th quarter worth about $25,000. Larson Financial Group LLC boosted its stake in Biogen by 640.9% during the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 141 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in Biogen in the third quarter worth about $33,000. SRS Capital Advisors Inc. purchased a new stake in Biogen in the fourth quarter worth about $33,000. Finally, Venturi Wealth Management LLC increased its stake in shares of Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.