Bank Of America (Bofa) Lowers Biogen (NASDAQ:BIIB) Price Target to $163.00

Biogen (NASDAQ:BIIB) had its price objective reduced by Bank Of America (Bofa) from $178.00 to $163.00 in a research report issued on Tuesday. The firm currently has a “neutral” rating on the biotechnology company’s stock. Bank Of America (Bofa)’s price target would suggest a potential upside of 22.16% from the stock’s previous close.

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Biogen from $190.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, January 10th. Robert W. Baird boosted their price objective on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $285.00 to $204.00 in a research report on Thursday, October 31st. Sanford C. Bernstein started coverage on Biogen in a research report on Tuesday. They set a “market perform” rating and a $160.00 target price on the stock. Finally, Jefferies Financial Group downgraded Biogen from a “buy” rating to a “hold” rating and reduced their price target for the company from $250.00 to $180.00 in a report on Monday, December 9th. Seventeen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $221.65.

Biogen Stock Down 4.3 %

Shares of NASDAQ BIIB opened at $133.43 on Tuesday. The stock has a fifty day moving average price of $148.28 and a 200 day moving average price of $174.33. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen has a 12-month low of $128.51 and a 12-month high of $238.00. The company has a market cap of $19.44 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.65 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Research analysts anticipate that Biogen will post 16.42 EPS for the current fiscal year.

Institutional Trading of Biogen

A number of large investors have recently modified their holdings of the company. World Investment Advisors increased its stake in shares of Biogen by 9.5% in the fourth quarter. World Investment Advisors now owns 6,311 shares of the biotechnology company’s stock valued at $965,000 after purchasing an additional 545 shares during the period. Westpac Banking Corp increased its holdings in shares of Biogen by 20.3% during the fourth quarter. Westpac Banking Corp now owns 2,585 shares of the biotechnology company’s stock valued at $395,000 after purchasing an additional 436 shares during the period. Huntington National Bank increased its stake in Biogen by 4.6% during the 4th quarter. Huntington National Bank now owns 2,414 shares of the biotechnology company’s stock valued at $369,000 after buying an additional 106 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Biogen by 3.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 732,376 shares of the biotechnology company’s stock valued at $111,995,000 after acquiring an additional 21,192 shares during the period. Finally, Headlands Technologies LLC raised its holdings in Biogen by 2,173.8% during the fourth quarter. Headlands Technologies LLC now owns 28,377 shares of the biotechnology company’s stock worth $4,339,000 after purchasing an additional 27,129 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

About Biogen

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.