Bank of America Cuts Biogen (NASDAQ:BIIB) Price Target to $360.00

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.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, July 21st. The biotechnology company reported $5.68 earnings per share for the quarter, beating analysts’ consensus estimates of $4.55 by $1.13. The business had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.61 billion. Biogen had a return on equity of 34.74% and a net margin of 16.40%. The company’s revenue was down 24.6% on a year-over-year basis. During the same period in the prior year, the company earned $10.26 earnings per share. On average, research analysts expect that Biogen will post 18.67 earnings per share for the current fiscal year.

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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