Biogen (NASDAQ:BIIB) Price Target Cut to $265.00

Biogen (NASDAQ:BIIB) had its price objective dropped by investment analysts at Barclays from $275.00 to $265.00 in a report issued on Thursday, The Fly reports. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Barclays‘s price target would indicate a potential downside of 1.19% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Biogen from $311.00 to $324.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Stifel Nicolaus dropped their price target on shares of Biogen from $294.00 to $284.00 and set a “hold” rating for the company in a research report on Wednesday, July 22nd. BMO Capital Markets dropped their price target on shares of Biogen from $317.00 to $280.00 and set a “market perform” rating for the company in a research report on Thursday, July 23rd. Morgan Stanley lifted their price target on shares of Biogen from $355.00 to $357.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Credit Suisse Group dropped their price target on shares of Biogen from $359.00 to $350.00 and set an “outperform” rating for the company in a research report on Thursday. Six analysts have rated the stock with a sell rating, sixteen have given a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $307.93.

Biogen stock opened at $268.20 on Thursday. Biogen has a 12-month low of $257.60 and a 12-month high of $374.99. The stock has a market cap of $42.55 billion, a P/E ratio of 7.86, a PEG ratio of 1.55 and a beta of 0.54. The company has a 50-day moving average price of $277.82 and a 200 day moving average price of $288.89. The company has a current ratio of 2.46, a quick ratio of 2.19 and a debt-to-equity ratio of 0.66.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 21st. The biotechnology company reported $8.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $8.06 by $0.78. Biogen had a net margin of 40.91% and a return on equity of 50.10%. The firm had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.34 billion. During the same period last year, the business earned $9.17 earnings per share. Biogen’s revenue was down 6.2% compared to the same quarter last year. As a group, analysts forecast that Biogen will post 34.55 EPS for the current year.

Several large investors have recently modified their holdings of BIIB. Nordea Investment Management AB lifted its position in shares of Biogen by 108.7% during the 2nd quarter. Nordea Investment Management AB now owns 1,087,186 shares of the biotechnology company’s stock worth $283,778,000 after buying an additional 566,347 shares during the last quarter. AJO LP lifted its position in shares of Biogen by 413.3% during the 2nd quarter. AJO LP now owns 423,098 shares of the biotechnology company’s stock worth $113,199,000 after buying an additional 340,674 shares during the last quarter. Orbimed Advisors LLC lifted its position in shares of Biogen by 49.0% during the 2nd quarter. Orbimed Advisors LLC now owns 715,900 shares of the biotechnology company’s stock worth $191,539,000 after buying an additional 235,500 shares during the last quarter. Assetmark Inc. lifted its position in shares of Biogen by 30,336.0% during the 2nd quarter. Assetmark Inc. now owns 210,617 shares of the biotechnology company’s stock worth $55,659,000 after buying an additional 209,925 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Biogen by 148.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 326,895 shares of the biotechnology company’s stock worth $87,461,000 after buying an additional 195,146 shares during the last quarter. Institutional investors and hedge funds own 83.74% of the company’s stock.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

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