Wells Fargo & Company Lowers Biogen (NASDAQ:BIIB) Price Target to $225.00

Biogen (NASDAQ:BIIB) had its price target cut by Wells Fargo & Company from $240.00 to $225.00 in a report published on Friday, Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

Other research analysts have also issued research reports about the stock. Piper Sandler dropped their price objective on shares of Biogen from $335.00 to $313.00 and set an overweight rating on the stock in a research note on Friday, July 12th. UBS Group dropped their price objective on shares of Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a research note on Wednesday, April 17th. Oppenheimer reiterated an outperform rating and issued a $270.00 price objective on shares of Biogen in a research note on Monday, April 29th. Needham & Company LLC restated a buy rating and set a $288.00 price target on shares of Biogen in a research note on Thursday, August 1st. Finally, Royal Bank of Canada restated an outperform rating and set a $317.00 price target on shares of Biogen in a research note on Wednesday, June 26th. Nine equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, Biogen presently has a consensus rating of Moderate Buy and an average target price of $276.42.

Biogen Price Performance

Shares of NASDAQ BIIB traded up $2.99 during midday trading on Friday, reaching $201.38. The company’s stock had a trading volume of 329,649 shares, compared to its average volume of 1,146,081. The company has a current ratio of 2.29, a quick ratio of 1.32 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $224.62 and a 200 day moving average price of $222.47. Biogen has a one year low of $189.44 and a one year high of $278.95. The company has a market cap of $29.32 billion, a price-to-earnings ratio of 25.09, a price-to-earnings-growth ratio of 2.09 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.02 EPS. On average, equities research analysts expect that Biogen will post 15.87 EPS for the current year.

Institutional Trading of Biogen

A number of hedge funds have recently bought and sold shares of the stock. Plato Investment Management Ltd lifted its holdings in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the period. Livelsberger Financial Advisory bought a new position in shares of Biogen during the 4th quarter worth about $26,000. Rise Advisors LLC bought a new position in shares of Biogen during the 1st quarter worth about $27,000. Hexagon Capital Partners LLC lifted its holdings in shares of Biogen by 76.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 51 shares during the period. Finally, EntryPoint Capital LLC bought a new position in shares of Biogen during the 1st quarter worth about $36,000. 87.93% of the stock is owned by institutional investors.

About Biogen

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.