Biogen (NASDAQ:BIIB) had its price objective reduced by stock analysts at Bank of America from $400.00 to $360.00 in a report released on Wednesday, The Fly reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. Bank of America‘s price objective would indicate a potential upside of 19.49% from the stock’s previous close.
Other research analysts have also issued reports about the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $327.51 price objective (down from $435.00) on shares of Biogen in a report on Tuesday, July 27th. Atlantic Securities raised Biogen from an “underweight” rating to a “neutral” rating and set a $415.00 price objective on the stock in a report on Tuesday, June 8th. Piper Sandler raised Biogen from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $384.00 to $450.00 in a report on Friday, June 18th. Morgan Stanley upped their target price on Biogen from $453.00 to $455.00 and gave the stock an “overweight” rating in a research note on Friday, July 23rd. Finally, Sanford C. Bernstein upgraded Biogen from a “market perform” rating to an “outperform” rating and set a $500.00 target price on the stock in a research note on Friday, June 11th. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $394.64.
NASDAQ:BIIB traded up $5.32 during mid-day trading on Wednesday, hitting $301.27. 24,688 shares of the company’s stock traded hands, compared to its average volume of 1,461,851. The company has a fifty day moving average of $335.20 and a 200 day moving average of $309.58. Biogen has a twelve month low of $223.25 and a twelve month high of $468.55. The company has a market capitalization of $44.90 billion, a P/E ratio of 24.18, a P/E/G ratio of 1.54 and a beta of 0.41. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.77 and a current ratio of 2.15.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sphera Funds Management LTD. purchased a new position in shares of Biogen in the first quarter valued at approximately $1,902,000. Bank Pictet & Cie Asia Ltd. lifted its position in shares of Biogen by 50.2% in the first quarter. Bank Pictet & Cie Asia Ltd. now owns 4,716 shares of the biotechnology company’s stock valued at $1,319,000 after acquiring an additional 1,577 shares in the last quarter. Blair William & Co. IL lifted its position in shares of Biogen by 3.4% in the first quarter. Blair William & Co. IL now owns 10,316 shares of the biotechnology company’s stock valued at $2,886,000 after acquiring an additional 344 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Biogen by 4.3% in the first quarter. Public Employees Retirement System of Ohio now owns 97,459 shares of the biotechnology company’s stock valued at $27,264,000 after acquiring an additional 3,978 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in shares of Biogen in the first quarter valued at approximately $4,278,000. Institutional investors and hedge funds own 83.18% of the company’s stock.
Biogen Company Profile
Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis; SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of severe plaque psoriasis.
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