Biogen (NASDAQ:BIIB) Given New $165.00 Price Target at Wells Fargo & Company

Biogen (NASDAQ:BIIB) had its price target decreased by Wells Fargo & Company from $190.00 to $165.00 in a research note issued to investors on Friday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the biotechnology company’s stock.

A number of other equities analysts have also recently commented on the stock. Stifel Nicolaus cut shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective for the company. in a research note on Monday, December 16th. Barclays dropped their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Raymond James restated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. TD Cowen dropped their target price on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Morgan Stanley lowered Biogen from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $285.00 to $204.00 in a report on Thursday, October 31st. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $230.00.

Biogen Stock Down 1.3 %

BIIB opened at $148.82 on Friday. Biogen has a 52 week low of $145.07 and a 52 week high of $252.94. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $157.38 and a two-hundred day simple moving average of $187.80. The company has a market capitalization of $21.69 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.74 and a beta of -0.07.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the business posted $4.36 EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. Analysts forecast that Biogen will post 16.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biogen

A number of hedge funds and other institutional investors have recently modified their holdings of BIIB. Primecap Management Co. CA boosted its position in Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after acquiring an additional 117,578 shares in the last quarter. State Street Corp boosted its position in Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after purchasing an additional 248,942 shares in the last quarter. Geode Capital Management LLC grew its stake in Biogen by 1.3% in the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares during the last quarter. RA Capital Management L.P. raised its holdings in Biogen by 20.6% in the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock worth $229,595,000 after purchasing an additional 202,317 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Biogen by 1.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after buying an additional 18,905 shares during the last quarter. 87.93% of the stock is currently owned by 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.