Biogen (NASDAQ:BIIB) Price Target Lowered to $140.00 at Wells Fargo & Company

Biogen (NASDAQ:BIIB) had its price target reduced by Wells Fargo & Company from $165.00 to $140.00 in a report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the biotechnology company’s stock.

BIIB has been the topic of several other research reports. Needham & Company LLC reissued a “hold” rating on shares of Biogen in a research note on Thursday. Mizuho dropped their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research report on Thursday, November 21st. HC Wainwright reduced their price target on Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a research report on Thursday. Piper Sandler downgraded shares of Biogen from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $315.00 to $138.00 in a report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. cut their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Seventeen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $211.96.

Biogen Stock Performance

Shares of Biogen stock opened at $138.45 on Thursday. The stock’s fifty day simple moving average is $147.73 and its 200 day simple moving average is $174.05. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $20.17 billion, a PE ratio of 12.51, a PEG ratio of 1.65 and a beta of -0.08. Biogen has a 12 month low of $128.51 and a 12 month high of $238.00.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BIIB. Exchange Traded Concepts LLC grew its holdings in Biogen by 4,516.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,662 shares of the biotechnology company’s stock worth $322,000 after acquiring an additional 1,626 shares during the last quarter. Swedbank AB lifted its holdings in shares of Biogen by 85.0% during the third quarter. Swedbank AB now owns 185,008 shares of the biotechnology company’s stock worth $35,862,000 after purchasing an additional 84,981 shares during the period. Kapitalo Investimentos Ltda acquired a new position in shares of Biogen during the third quarter worth $227,000. Sumitomo Life Insurance Co. grew its stake in shares of Biogen by 4.3% in the third quarter. Sumitomo Life Insurance Co. now owns 3,906 shares of the biotechnology company’s stock worth $757,000 after purchasing an additional 162 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Biogen in the third quarter valued at $388,000. 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.