Wells Fargo & Company Cuts Biogen (NASDAQ:BIIB) Price Target to $165.00

Biogen (NASDAQ:BIIB) had its price target lowered by equities research analysts at Wells Fargo & Company from $190.00 to $165.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 10.15% from the company’s current price.

Several other equities research analysts have also commented on BIIB. Royal Bank of Canada cut their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Wolfe Research initiated coverage on shares of Biogen in a research note on Friday, November 15th. They set a “peer perform” rating for the company. Jefferies Financial Group lowered shares of Biogen from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $250.00 to $180.00 in a report on Monday, December 9th. Stifel Nicolaus cut Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target on the stock. in a research note on Monday, December 16th. Finally, Truist Financial reduced their price target on Biogen from $302.00 to $220.00 and set a “buy” rating on the stock in a research report on Wednesday. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $230.00.

Biogen Price Performance

Shares of BIIB stock opened at $149.79 on Friday. The firm has a market capitalization of $21.83 billion, a price-to-earnings ratio of 13.53, a PEG 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. The stock’s 50-day simple moving average is $157.88 and its 200-day simple moving average is $188.34. Biogen has a fifty-two week low of $145.07 and a fifty-two week high of $252.94.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the company earned $4.36 earnings per share. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts forecast that Biogen will post 16.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biogen

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

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.