Citigroup Issues Pessimistic Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its price target dropped by stock analysts at Citigroup from $190.00 to $160.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s price target suggests a potential upside of 10.80% from the stock’s previous close.

A number of other analysts have also recently commented on BIIB. Raymond James restated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Barclays reduced their price target on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company cut their price objective on shares of Biogen from $190.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, January 10th. StockNews.com cut Biogen from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 28th. Finally, Mizuho lowered their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $228.80.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $144.41 on Tuesday. The stock has a fifty day moving average of $151.55 and a 200-day moving average of $180.05. Biogen has a fifty-two week low of $139.71 and a fifty-two week high of $251.99. The stock has a market cap of $21.04 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 1.64 and a beta of -0.07. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the business earned $4.36 earnings per share. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that Biogen will post 16.41 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Public Sector Pension Investment Board grew its stake in shares of Biogen by 77.1% in the second quarter. Public Sector Pension Investment Board now owns 5,661 shares of the biotechnology company’s stock worth $1,312,000 after acquiring an additional 2,465 shares in the last quarter. AQR Capital Management LLC grew its stake in Biogen by 270.3% during the 2nd quarter. AQR Capital Management LLC now owns 23,557 shares of the biotechnology company’s stock worth $5,461,000 after purchasing an additional 17,195 shares in the last quarter. Creative Planning increased its holdings in Biogen by 32.4% during the 2nd quarter. Creative Planning now owns 18,274 shares of the biotechnology company’s stock worth $4,236,000 after purchasing an additional 4,473 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Biogen by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,309 shares of the biotechnology company’s stock valued at $1,694,000 after purchasing an additional 543 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Biogen during the second quarter worth about $1,387,000. Hedge funds and other institutional investors 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.