Wells Fargo & Company Lowers Biogen (NASDAQ:BIIB) Price Target to $140.00

Biogen (NASDAQ:BIIB) had its target price dropped by Wells Fargo & Company from $165.00 to $140.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 1.94% from the stock’s current price.

BIIB has been the topic of a number of other reports. Robert W. Baird raised their price objective on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. TD Cowen reduced their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. JPMorgan Chase & Co. dropped their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Citigroup reduced their price target on Biogen from $190.00 to $160.00 and set a “neutral” rating for the company in a research report on Tuesday, January 28th. Finally, Wolfe Research started coverage on shares of Biogen in a report on Friday, November 15th. They issued a “peer perform” rating on the stock. Seventeen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $211.96.

Biogen Stock Down 0.8 %

NASDAQ:BIIB opened at $137.33 on Thursday. Biogen has a 1 year low of $128.51 and a 1 year high of $238.00. The stock has a 50-day moving average price of $147.31 and a two-hundred day moving average price of $173.80. The stock has a market cap of $20.01 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.65 and a beta of -0.08. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. As a group, equities analysts expect that Biogen will post 16.42 earnings per share for the current year.

Institutional Investors Weigh In On Biogen

Several hedge funds have recently bought and sold shares of BIIB. Pacer Advisors Inc. increased its stake in shares of Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the period. Norges Bank acquired a new position in Biogen in the 4th quarter valued at $355,569,000. Van ECK Associates Corp increased its position in Biogen by 977.9% during the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock worth $163,083,000 after buying an additional 967,523 shares during the period. Invesco Ltd. lifted its holdings in shares of Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock worth $325,537,000 after buying an additional 499,074 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Biogen by 982.0% in the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company’s stock valued at $81,914,000 after acquiring an additional 489,811 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.