Biogen (NASDAQ:BIIB) Given New $224.00 Price Target at Scotiabank

Biogen (NASDAQ:BIIB) had its price objective decreased by Scotiabank from $244.00 to $224.00 in a research note issued to investors on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the biotechnology company’s stock.

BIIB has been the subject of several other reports. Morgan Stanley cut their price objective on shares of Biogen from $192.00 to $157.00 and set an “equal weight” rating for the company in a research report on Thursday. Robert W. Baird raised their price target on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Truist Financial reduced their price target on shares of Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Monday, January 13th. Finally, Canaccord Genuity Group reduced their target price on Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research report on Thursday. 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.com, the company currently has an average rating of “Hold” and an average target price of $211.96.

Biogen Stock Up 3.8 %

NASDAQ BIIB opened at $138.45 on Thursday. The business has a fifty day moving average price of $147.73 and a 200 day moving average price of $174.05. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The company has a market cap of $20.17 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.65 and a beta of -0.08. Biogen has a one year low of $128.51 and a one year high of $238.00.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (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 anticipate that Biogen will post 16.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC raised its holdings in Biogen by 4,516.7% in the third quarter. Exchange Traded Concepts LLC now owns 1,662 shares of the biotechnology company’s stock valued at $322,000 after acquiring an additional 1,626 shares in the last quarter. Swedbank AB increased its position in shares of Biogen by 85.0% in the 3rd quarter. Swedbank AB now owns 185,008 shares of the biotechnology company’s stock valued at $35,862,000 after purchasing an additional 84,981 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new stake in shares of Biogen in the 3rd quarter valued at $227,000. Sumitomo Life Insurance Co. raised its holdings in shares of Biogen by 4.3% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 3,906 shares of the biotechnology company’s stock valued at $757,000 after purchasing an additional 162 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Biogen during the 3rd quarter worth $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.