Citigroup Has Lowered Expectations for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its target price lowered by research analysts at Citigroup from $160.00 to $145.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s price objective indicates a potential upside of 5.59% from the company’s current price.

A number of other research analysts have also recently commented on the company. Barclays decreased their price objective on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Piper Sandler lowered Biogen from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $315.00 to $138.00 in a research note on Thursday, January 2nd. Canaccord Genuity Group cut their price objective on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research report on Thursday. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Finally, BMO Capital Markets cut shares of Biogen from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $230.00 to $164.00 in a research report on Friday, December 20th. Seventeen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $211.96.

Biogen Stock Performance

NASDAQ BIIB opened at $137.33 on Thursday. 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 fifty day moving average is $147.31 and its two-hundred day moving average is $173.80. The firm has a market capitalization of $20.01 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. Biogen has a fifty-two week low of $128.51 and a fifty-two week high of $238.00.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. On average, research analysts anticipate that Biogen will post 16.42 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BIIB. Vanguard Group Inc. lifted its stake in Biogen by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company’s stock worth $2,561,238,000 after purchasing an additional 70,368 shares during the last quarter. State Street Corp raised its holdings in Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after purchasing an additional 248,942 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Biogen by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company’s stock worth $563,709,000 after buying an additional 82,456 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after buying an additional 2,648,024 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Biogen in the 4th quarter valued at $355,569,000. 87.93% of the stock is 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.