Biogen (NASDAQ:BIIB) Price Target Lowered to $245.00 at The Goldman Sachs Group

Biogen (NASDAQ:BIIB) had its price target decreased by research analysts at The Goldman Sachs Group from $281.00 to $245.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 78.40% from the stock’s current price.

BIIB has been the subject of a number of other reports. Bank Of America (Bofa) cut their price objective on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research report on Tuesday. Robert W. Baird lifted their target price on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Royal Bank of Canada dropped their target price on shares of Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a research report on Thursday. Piper Sandler lowered shares of Biogen from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $315.00 to $138.00 in a research report on Thursday, January 2nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a research report on Thursday. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Biogen has an average rating of “Hold” and an average price target of $211.96.

Biogen Price Performance

BIIB opened at $137.33 on Thursday. The company has a market capitalization of $20.01 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.65 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $147.31 and a 200-day moving average price of $173.80. Biogen has a twelve month low of $128.51 and a twelve month high of $238.00.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Equities analysts expect that Biogen will post 16.42 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BIIB. Pacer Advisors Inc. increased its stake in shares of Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. Norges Bank bought a new position in shares of Biogen in the 4th quarter worth about $355,569,000. Van ECK Associates Corp increased its stake in shares of Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock worth $163,083,000 after acquiring an additional 967,523 shares in the last quarter. Invesco Ltd. grew its position in Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after purchasing an additional 499,074 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in Biogen by 982.0% during the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company’s stock valued at $81,914,000 after purchasing an additional 489,811 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

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.