Biogen (NASDAQ:BIIB) Price Target Cut to $163.00 by Analysts at Bank Of America (Bofa)

Biogen (NASDAQ:BIIB) had its price target reduced by equities researchers at Bank Of America (Bofa) from $178.00 to $163.00 in a report released on Tuesday. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Bank Of America (Bofa)’s price target suggests a potential upside of 16.94% from the company’s current price.

Other analysts have also recently issued reports about the company. Needham & Company LLC cut Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target on the stock. in a research note on Monday, November 18th. Oppenheimer dropped their price objective on Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Sanford C. Bernstein initiated coverage on Biogen in a report on Tuesday. They set a “market perform” rating and a $160.00 price objective on the stock. Jefferies Financial Group lowered Biogen from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $250.00 to $180.00 in a report on Monday, December 9th. Finally, Piper Sandler lowered Biogen from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $315.00 to $138.00 in a report on Thursday, January 2nd. Seventeen investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Biogen presently has an average rating of “Hold” and a consensus target price of $221.65.

Biogen Stock Down 2.2 %

Biogen stock traded down $3.15 during midday trading on Tuesday, reaching $139.39. The company’s stock had a trading volume of 1,905,012 shares, compared to its average volume of 1,296,494. Biogen has a fifty-two week low of $138.72 and a fifty-two week high of $244.95. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market cap of $20.31 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.65 and a beta of -0.08. The business has a 50-day simple moving average of $148.71 and a 200-day simple moving average of $174.84.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BIIB. Larson Financial Group LLC raised its position in shares of Biogen by 640.9% during the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 141 shares during the last quarter. Lee Danner & Bass Inc. acquired a new position in shares of Biogen during the 4th quarter worth approximately $25,000. OFI Invest Asset Management acquired a new position in shares of Biogen during the 4th quarter worth approximately $32,000. Ashton Thomas Securities LLC acquired a new position in shares of Biogen during the 3rd quarter worth approximately $33,000. Finally, SRS Capital Advisors Inc. acquired a new position in shares of Biogen during the 4th quarter worth approximately $33,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.