Truist Financial Lowers Biogen (NASDAQ:BIIB) Price Target to $220.00

Biogen (NASDAQ:BIIB) had its price target lowered by stock analysts at Truist Financial from $302.00 to $220.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s price target indicates a potential upside of 45.94% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Barclays lowered their price target on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $285.00 to $204.00 in a report on Thursday, October 31st. StockNews.com downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. Wolfe Research assumed coverage on shares of Biogen in a report on Friday, November 15th. They set a “peer perform” rating for the company. Finally, UBS Group lowered their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Sixteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Biogen currently has an average rating of “Hold” and a consensus price target of $232.40.

Biogen Stock Down 1.6 %

Shares of BIIB opened at $150.75 on Wednesday. Biogen has a one year low of $145.07 and a one year high of $257.28. The company has a market cap of $21.97 billion, a P/E ratio of 13.62, a P/E/G ratio of 1.74 and a beta of -0.07. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The firm has a 50 day simple moving average of $157.88 and a two-hundred day simple moving average of $188.34.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. 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 business earned $4.36 earnings per share. The company’s revenue was down 2.5% on a year-over-year basis. Research analysts forecast that Biogen will post 16.43 EPS for the current fiscal year.

Institutional Trading of Biogen

A number of institutional investors have recently bought and sold shares of the company. Farmers Trust Co. bought a new position in shares of Biogen during the 4th quarter worth about $1,965,000. Diversified Trust Co boosted its position in shares of Biogen by 0.6% during the 4th quarter. Diversified Trust Co now owns 22,926 shares of the biotechnology company’s stock worth $3,506,000 after purchasing an additional 143 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Biogen by 48.0% during the 4th quarter. Nordea Investment Management AB now owns 117,963 shares of the biotechnology company’s stock worth $17,901,000 after purchasing an additional 38,283 shares in the last quarter. Everence Capital Management Inc. boosted its position in shares of Biogen by 56.3% during the 4th quarter. Everence Capital Management Inc. now owns 4,360 shares of the biotechnology company’s stock worth $667,000 after purchasing an additional 1,570 shares in the last quarter. Finally, Centre Asset Management LLC boosted its position in shares of Biogen by 7.7% during the 4th quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock worth $7,880,000 after purchasing an additional 3,698 shares in the last quarter. 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.