Biogen (NASDAQ:BIIB) Price Target Cut to $157.00 by Analysts at Morgan Stanley

Biogen (NASDAQ:BIIB) had its price objective cut by Morgan Stanley from $192.00 to $157.00 in a report released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

Several other equities research analysts also recently weighed in on BIIB. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Monday, January 13th. Robert W. Baird raised their target price on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Citigroup dropped their price target on shares of Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday. StockNews.com downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Finally, Barclays dropped their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Seventeen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $211.96.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $138.45 on Thursday. Biogen has a 12 month low of $128.51 and a 12 month high of $238.00. The firm has a market capitalization of $20.17 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.65 and a beta of -0.08. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The company’s fifty day moving average price is $147.73 and its 200 day moving average price is $174.05.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data 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 return on equity of 14.98% and a net margin of 16.81%. As a group, sell-side analysts predict that Biogen will post 16.42 earnings per share for the current fiscal year.

Institutional Trading of Biogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Pacer Advisors Inc. grew its holdings in Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after purchasing an additional 2,648,024 shares during the period. Norges Bank acquired a new position in shares of Biogen in the 4th quarter valued at $355,569,000. Van ECK Associates Corp grew its stake in shares of Biogen by 977.9% during the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after buying an additional 967,523 shares during the period. Invesco Ltd. increased its holdings in shares of Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock worth $325,537,000 after buying an additional 499,074 shares during the last quarter. Finally, FMR LLC raised its position in shares of Biogen by 98.7% in the 4th quarter. FMR LLC now owns 757,570 shares of the biotechnology company’s stock worth $115,848,000 after buying an additional 376,356 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.