Citigroup Cuts Biogen (NASDAQ:BIIB) Price Target to $160.00

Biogen (NASDAQ:BIIB) had its target price cut by equities research analysts at Citigroup from $190.00 to $160.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s price target indicates a potential upside of 7.56% from the stock’s previous close.

A number of other equities analysts also recently commented on BIIB. Robert W. Baird boosted their target price on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. dropped their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Oppenheimer decreased their target price on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Jefferies Financial Group lowered shares of Biogen from a “buy” rating to a “hold” rating and dropped their price target for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Finally, Wolfe Research assumed coverage on shares of Biogen in a research report on Friday, November 15th. They set a “peer perform” rating for the company. Sixteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Biogen currently has a consensus rating of “Hold” and an average target price of $228.80.

Biogen Stock Up 1.8 %

Shares of NASDAQ BIIB opened at $148.76 on Tuesday. Biogen has a 12-month low of $139.71 and a 12-month high of $251.99. The stock has a market cap of $21.68 billion, a P/E ratio of 13.44, a PEG ratio of 1.64 and a beta of -0.07. 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 business’s fifty day simple moving average is $151.93 and its 200-day simple moving average is $181.26.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the company posted $4.36 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, equities analysts predict that Biogen will post 16.41 EPS for the current fiscal year.

Institutional Trading of Biogen

A number of hedge funds have recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in shares of Biogen during the 3rd quarter worth $33,000. Venturi Wealth Management LLC increased its stake in shares of Biogen by 73.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 93 shares during the last quarter. Itau Unibanco Holding S.A. lifted its holdings in shares of Biogen by 63.8% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 90 shares during the period. Versant Capital Management Inc boosted its position in shares of Biogen by 228.7% in the fourth quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock worth $61,000 after acquiring an additional 279 shares during the last quarter. Finally, FSA Wealth Management LLC acquired a new position in Biogen during the third quarter worth approximately $74,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.