Biogen (NASDAQ:BIIB) Price Target Cut to $190.00 by Analysts at Barclays

Biogen (NASDAQ:BIIB) had its price target trimmed by Barclays from $200.00 to $190.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the biotechnology company’s stock.

Several other brokerages also recently commented on BIIB. Needham & Company LLC reaffirmed a buy rating and set a $288.00 price objective on shares of Biogen in a research report on Thursday. Royal Bank of Canada reaffirmed an outperform rating and issued a $317.00 price target on shares of Biogen in a research note on Wednesday, June 26th. UBS Group dropped their price objective on shares of Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a report on Wednesday, April 17th. Wedbush raised their target price on Biogen from $213.00 to $215.00 and gave the company a neutral rating in a research note on Thursday, April 25th. Finally, Piper Sandler dropped their price target on Biogen from $335.00 to $313.00 and set an overweight rating on the stock in a research note on Friday, July 12th. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $279.08.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $205.66 on Friday. The company has a quick ratio of 1.32, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $29.94 billion, a PE ratio of 25.68, a P/E/G ratio of 2.09 and a beta of -0.04. The firm has a fifty day simple moving average of $225.01 and a 200 day simple moving average of $223.13. Biogen has a twelve month low of $189.44 and a twelve month high of $278.95.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period last year, the company posted $4.02 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, sell-side analysts forecast that Biogen will post 15.87 EPS for the current year.

Institutional Trading of Biogen

A number of hedge funds have recently bought and sold shares of the business. Livelsberger Financial Advisory purchased a new position in shares of Biogen in the 4th quarter worth about $26,000. Plato Investment Management Ltd grew its position in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Biogen by 76.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 51 shares during the last quarter. Rise Advisors LLC purchased a new stake in shares of Biogen during the 1st quarter worth approximately $27,000. Finally, Versant Capital Management Inc raised its holdings in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the period. 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.