Biogen (NASDAQ:BIIB) Price Target Lowered to $224.00 at Scotiabank

Biogen (NASDAQ:BIIB) had its price target cut by stock analysts at Scotiabank from $244.00 to $224.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “sector outperform” rating on the biotechnology company’s stock. Scotiabank’s price objective indicates a potential upside of 61.22% from the stock’s previous close.

Several other equities analysts have also recently issued reports on BIIB. Robert W. Baird boosted their price objective 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. BMO Capital Markets lowered their price target on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating on the stock in a research note on Thursday. Citigroup lowered their price target on shares of Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday. Bank Of America (Bofa) lowered their price target on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Sanford C. Bernstein began coverage on shares of Biogen in a research report on Tuesday. They issued a “market perform” rating and a $160.00 price objective on the stock. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $211.96.

Biogen Stock Up 4.1 %

Shares of NASDAQ:BIIB traded up $5.51 during trading on Thursday, hitting $138.94. 1,199,858 shares of the company were exchanged, compared to its average volume of 1,370,118. The stock has a market capitalization of $20.25 billion, a P/E ratio of 12.55, a PEG ratio of 1.65 and a beta of -0.08. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen has a 12-month low of $128.51 and a 12-month high of $238.00. The firm’s 50 day moving average price is $147.73 and its 200-day moving average price is $174.05.

Biogen (NASDAQ:BIIB) last announced its earnings results 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%. On average, research analysts predict that Biogen will post 16.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. acquired a new position in Biogen during the 4th quarter worth $25,000. Larson Financial Group LLC grew its holdings in Biogen by 640.9% during the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 141 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in Biogen during the 3rd quarter worth $33,000. SRS Capital Advisors Inc. acquired a new position in shares of Biogen in the 4th quarter valued at about $33,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 93 shares during the period. Hedge funds and other 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.