Stifel Nicolaus Trims Biogen (NASDAQ:BIIB) Target Price to $320.00

Biogen (NASDAQ:BIIB – Free Report) had its target price cut by Stifel Nicolaus from $324.00 to $320.00 in a report issued on Tuesday, MarketBeat Ratings reports. They currently have a buy rating on the biotechnology company’s stock.

Several other research analysts have also weighed in on the stock. Morgan Stanley upped their target price on shares of Biogen from $349.00 to $371.00 in a research report on Tuesday, April 25th. Argus increased their price target on shares of Biogen from $320.00 to $350.00 in a research report on Thursday, May 11th. Piper Sandler increased their price target on shares of Biogen from $346.00 to $360.00 in a research report on Thursday, June 1st. Bank of America increased their price target on shares of Biogen from $300.00 to $320.00 in a research report on Thursday, May 4th. Finally, Needham & Company LLC reissued a buy rating and set a $320.00 price objective on shares of Biogen in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $331.19.

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Biogen Price Performance

Shares of BIIB opened at $262.79 on Tuesday. Biogen has a 1-year low of $193.65 and a 1-year high of $319.76. The stock has a market cap of $38.04 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 2.23 and a beta of 0.17. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.27 and a quick ratio of 2.81. The firm has a fifty day moving average price of $290.02 and a 200 day moving average price of $286.45.

Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $4.02 earnings per share for the quarter, beating analysts’ consensus estimates of $3.77 by $0.25. Biogen had a net margin of 26.72% and a return on equity of 17.33%. The firm had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the company earned $5.25 earnings per share. Biogen’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Biogen will post 15.42 EPS for the current year.

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently made changes to their positions in BIIB. Envestnet Asset Management Inc. raised its holdings in shares of Biogen by 771.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,556,583 shares of the biotechnology company’s stock worth $90,400,000 after purchasing an additional 2,263,120 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its stake in Biogen by 176,592.0% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,079,665 shares of the biotechnology company’s stock valued at $592,393,000 after buying an additional 2,078,488 shares during the period. Norges Bank acquired a new position in Biogen in the 4th quarter valued at approximately $362,129,000. Marshall Wace LLP increased its stake in Biogen by 726.3% in the 4th quarter. Marshall Wace LLP now owns 1,244,150 shares of the biotechnology company’s stock valued at $344,530,000 after buying an additional 1,093,576 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in Biogen by 49.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock valued at $580,627,000 after buying an additional 691,843 shares during the period. 86.35% of the stock is currently owned by institutional investors.

Biogen Company Profile

(Get Free Report)

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 offers 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.

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