Biogen (NASDAQ:BIIB) Given New $244.00 Price Target at Scotiabank

Biogen (NASDAQ:BIIB) had its price target decreased by Scotiabank from $275.00 to $244.00 in a research report released on Friday, Benzinga reports. Scotiabank currently has a sector outperform rating on the biotechnology company’s stock.

Several other equities research analysts also recently weighed in on BIIB. Barclays decreased their price objective on Biogen from $200.00 to $190.00 and set an equal weight rating for the company in a report on Friday. JPMorgan Chase & Co. dropped their price objective on shares of Biogen from $270.00 to $240.00 and set a neutral rating on the stock in a research note on Thursday, April 11th. Wedbush decreased their target price on shares of Biogen from $215.00 to $210.00 and set a neutral rating for the company in a research note on Friday. UBS Group dropped their price target on Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a research report on Wednesday, April 17th. Finally, William Blair reaffirmed an outperform rating on shares of Biogen in a research report on Wednesday, July 3rd. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, Biogen currently has an average rating of Moderate Buy and an average price target of $279.08.

Biogen Trading Down 2.4 %

NASDAQ BIIB opened at $205.66 on Friday. Biogen has a 12 month low of $189.44 and a 12 month high of $278.95. The company has a market capitalization of $29.94 billion, a price-to-earnings ratio of 25.68, a price-to-earnings-growth ratio of 2.09 and a beta of -0.04. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.32. The firm’s fifty day moving average price is $225.01 and its 200 day moving average price is $223.13.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.02 earnings per share. On average, sell-side analysts expect that Biogen will post 15.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares during the last quarter. Norges Bank purchased a new position in Biogen during the fourth quarter worth $378,728,000. FIL Ltd raised its holdings in shares of Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock worth $169,883,000 after acquiring an additional 593,158 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after acquiring an additional 571,795 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Biogen by 24,726.3% during the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock valued at $123,411,000 after acquiring an additional 474,992 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

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.