Biogen (NASDAQ:BIIB) Price Target Raised to $357.00 at Morgan Stanley

Biogen (NASDAQ:BIIB) had its price objective lifted by analysts at Morgan Stanley from $355.00 to $357.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Morgan Stanley’s price target suggests a potential upside of 32.76% from the stock’s current price.

Several other equities analysts also recently weighed in on BIIB. Wells Fargo & Company raised their price target on Biogen from $311.00 to $324.00 and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. Stifel Nicolaus reduced their price target on Biogen from $294.00 to $284.00 and set a “hold” rating for the company in a report on Wednesday, July 22nd. Mizuho restated a “hold” rating and set a $316.00 price target on shares of Biogen in a report on Wednesday, July 22nd. William Blair restated a “hold” rating on shares of Biogen in a report on Friday, July 10th. Finally, Piper Sandler reduced their price objective on Biogen from $270.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday. Six research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $311.89.

Shares of Biogen stock opened at $268.91 on Thursday. The company has a current ratio of 2.46, a quick ratio of 2.19 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $42.55 billion, a P/E ratio of 7.88, a P/E/G ratio of 1.55 and a beta of 0.54. The business has a fifty day simple moving average of $277.82 and a two-hundred day simple moving average of $288.89. Biogen has a 12 month low of $257.60 and a 12 month high of $374.99.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 21st. The biotechnology company reported $8.84 EPS for the quarter, beating the consensus estimate of $8.06 by $0.78. The business had revenue of $3.38 billion during the quarter, compared to analyst estimates of $3.34 billion. Biogen had a return on equity of 50.10% and a net margin of 40.91%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $9.17 earnings per share. Analysts predict that Biogen will post 34.55 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Smithfield Trust Co. purchased a new stake in Biogen in the second quarter valued at about $35,000. TRUE Private Wealth Advisors increased its holdings in shares of Biogen by 35.0% in the third quarter. TRUE Private Wealth Advisors now owns 135 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 35 shares during the period. HWG Holdings LP acquired a new position in shares of Biogen in the second quarter valued at about $39,000. CX Institutional increased its holdings in shares of Biogen by 113.2% in the third quarter. CX Institutional now owns 145 shares of the biotechnology company’s stock valued at $41,000 after purchasing an additional 77 shares during the period. Finally, Balentine LLC grew its holdings in Biogen by 169.4% during the second quarter. Balentine LLC now owns 194 shares of the biotechnology company’s stock worth $52,000 after acquiring an additional 122 shares during the period. Institutional investors 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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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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