Bank Of America (Bofa) Cuts Biogen (NASDAQ:BIIB) Price Target to $163.00

Biogen (NASDAQ:BIIB) had its price target cut by Bank Of America (Bofa) from $178.00 to $163.00 in a report issued on Tuesday. They currently have a neutral rating on the biotechnology company’s stock.

BIIB has been the subject of a number of other reports. Oppenheimer lowered their target price on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company lowered their target price on Biogen from $190.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, January 10th. BMO Capital Markets downgraded Biogen from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $230.00 to $164.00 in a research report on Friday, December 20th. HC Wainwright restated a “buy” rating and issued a $300.00 price target on shares of Biogen in a research report on Thursday, October 31st. Finally, Bank of America restated a “neutral” rating and issued a $178.00 price target on shares of Biogen in a research report on Tuesday, December 10th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $211.96.

Biogen Stock Up 3.8 %

NASDAQ BIIB opened at $138.45 on Tuesday. 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 stock has a market cap of $20.17 billion, a PE ratio of 12.51, a P/E/G 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. The stock’s 50 day moving average is $147.73 and its 200 day moving average is $174.05.

Biogen (NASDAQ:BIIB) last posted 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 return on equity of 14.98% and a net margin of 16.81%. Research analysts predict that Biogen will post 16.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

Institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC boosted its position in Biogen by 640.9% during the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 141 shares in the last quarter. Lee Danner & Bass Inc. bought a new stake in Biogen during the fourth quarter valued at about $25,000. OFI Invest Asset Management bought a new stake in Biogen during the fourth quarter valued at about $32,000. Ashton Thomas Securities LLC bought a new stake in Biogen during the third quarter valued at about $33,000. Finally, SRS Capital Advisors Inc. bought a new stake in Biogen during the fourth quarter valued at about $33,000. 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.