Wells Fargo & Company Has Lowered Expectations for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its price target decreased by stock analysts at Wells Fargo & Company from $190.00 to $165.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 10.87% from the company’s current price.

BIIB has been the topic of a number of other research reports. Robert W. Baird upped their target price on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. dropped their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Mizuho cut their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research report on Thursday, November 21st. Citigroup initiated coverage on Biogen in a research report on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price target on the stock. Finally, Raymond James reissued a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen presently has a consensus rating of “Hold” and an average target price of $230.00.

Biogen Price Performance

Shares of BIIB stock opened at $148.82 on Friday. The company has a market capitalization of $21.69 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.74 and a beta of -0.07. 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 $145.07 and a 12 month high of $252.94. The stock has a 50 day moving average of $157.38 and a two-hundred day moving average of $187.55.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period last year, the business earned $4.36 earnings per share. As a group, equities analysts expect that Biogen will post 16.43 EPS for the current year.

Institutional Investors Weigh In On Biogen

Several large investors have recently bought and sold shares of BIIB. Private Advisor Group LLC increased its stake in Biogen by 80.4% during the 2nd quarter. Private Advisor Group LLC now owns 8,721 shares of the biotechnology company’s stock worth $2,022,000 after purchasing an additional 3,888 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Biogen by 201.9% in the second quarter. Acadian Asset Management LLC now owns 5,702 shares of the biotechnology company’s stock valued at $1,320,000 after buying an additional 3,813 shares during the period. Choreo LLC acquired a new position in shares of Biogen in the second quarter valued at approximately $297,000. Coldstream Capital Management Inc. increased its position in shares of Biogen by 19.2% during the second quarter. Coldstream Capital Management Inc. now owns 2,697 shares of the biotechnology company’s stock worth $625,000 after acquiring an additional 435 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Biogen by 3,878.1% during the second quarter. Meeder Asset Management Inc. now owns 1,273 shares of the biotechnology company’s stock worth $295,000 after acquiring an additional 1,241 shares during the period. Institutional investors 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.