Truist Financial Lowers Biogen (NASDAQ:BIIB) Price Target to $220.00

Biogen (NASDAQ:BIIB) had its price target reduced by Truist Financial from $302.00 to $220.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

BIIB has been the subject of several other reports. Robert W. Baird lifted their price target on Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Royal Bank of Canada reduced their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 28th. Citigroup started coverage on Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 target price for the company. Finally, Wedbush dropped their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Biogen currently has an average rating of “Hold” and a consensus price target of $232.40.

Biogen Stock Performance

BIIB stock opened at $150.75 on Wednesday. The firm has a 50 day simple moving average of $158.35 and a 200 day simple moving average of $188.60. Biogen has a 52 week low of $145.07 and a 52 week high of $257.28. The stock has a market cap of $21.97 billion, a P/E ratio of 13.62, a P/E/G ratio of 1.74 and a beta of -0.07. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $4.36 EPS. Research analysts anticipate that Biogen will post 16.43 earnings per share for the current fiscal year.

Institutional Trading of Biogen

A number of large investors have recently bought and sold shares of BIIB. Farmers Trust Co. acquired a new stake in shares of Biogen in the 4th quarter valued at $1,965,000. Diversified Trust Co increased its holdings in shares of Biogen by 0.6% during the fourth quarter. Diversified Trust Co now owns 22,926 shares of the biotechnology company’s stock worth $3,506,000 after buying an additional 143 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Biogen by 48.0% in the fourth quarter. Nordea Investment Management AB now owns 117,963 shares of the biotechnology company’s stock valued at $17,901,000 after acquiring an additional 38,283 shares during the last quarter. Everence Capital Management Inc. boosted its holdings in shares of Biogen by 56.3% in the 4th quarter. Everence Capital Management Inc. now owns 4,360 shares of the biotechnology company’s stock worth $667,000 after acquiring an additional 1,570 shares in the last quarter. Finally, Centre Asset Management LLC grew its position in Biogen by 7.7% during the 4th quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock worth $7,880,000 after acquiring an additional 3,698 shares during the last quarter. 87.93% of the stock is currently 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.