Biogen (NASDAQ:BIIB) PT Lowered to $294.00

Biogen (NASDAQ:BIIB) had its price objective reduced by Robert W. Baird from $316.00 to $294.00 in a report issued on Monday, Benzinga reports. Robert W. Baird currently has an outperform rating on the biotechnology company’s stock.

Several other research firms also recently issued reports on BIIB. William Blair reissued an outperform rating on shares of Biogen in a research report on Wednesday, July 3rd. Bank of America reduced their price target on shares of Biogen from $280.00 to $260.00 and set a neutral rating for the company in a research report on Friday, April 12th. JPMorgan Chase & Co. cut their price objective on shares of Biogen from $270.00 to $240.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Truist Financial reaffirmed a buy rating and set a $340.00 price objective on shares of Biogen in a report on Thursday, May 16th. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $317.00 price objective on shares of Biogen in a report on Wednesday, June 26th. Ten research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of Moderate Buy and an average target price of $283.00.

Biogen Stock Performance

NASDAQ BIIB opened at $210.70 on Monday. The company has a fifty day simple moving average of $225.25 and a 200 day simple moving average of $223.43. Biogen has a 12-month low of $189.44 and a 12-month high of $278.95. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The company has a market cap of $30.68 billion, a P/E ratio of 26.30, a PEG ratio of 2.14 and a beta of -0.04.

Institutional Investors Weigh In On Biogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Plato Investment Management Ltd grew its holdings in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares in the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Biogen during the fourth quarter worth about $26,000. Rise Advisors LLC purchased a new stake in Biogen in the first quarter worth approximately $27,000. Hexagon Capital Partners LLC boosted its stake in Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after buying an additional 51 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Biogen in the first quarter worth approximately $36,000. 87.93% of the stock is currently owned by institutional investors.

Biogen Company Profile

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.