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

Biogen (NASDAQ:BIIB) had its price objective lowered by Bank Of America (Bofa) from $178.00 to $163.00 in a research report released on Tuesday. The brokerage currently has a neutral rating on the biotechnology company’s stock.

A number of other research analysts have also commented on the stock. Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target for the company. in a research report on Monday, December 16th. Piper Sandler cut Biogen from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $315.00 to $138.00 in a research report on Thursday, January 2nd. TD Cowen decreased their target price on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Barclays dropped their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Jefferies Financial Group cut shares of Biogen from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $250.00 to $180.00 in a research report on Monday, December 9th. Seventeen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $221.65.

Biogen Trading Down 2.2 %

Shares of Biogen stock opened at $139.39 on Tuesday. The company’s 50-day moving average price is $148.71 and its 200-day moving average price is $174.84. 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 has a 12-month low of $138.72 and a 12-month high of $244.95. The company has a market cap of $20.31 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.65 and a beta of -0.08.

Institutional Investors Weigh In On Biogen

Several institutional investors have recently added to or reduced their stakes in BIIB. Grandfield & Dodd LLC boosted its holdings in shares of Biogen by 5.2% during the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock worth $244,000 after purchasing an additional 62 shares during the period. Quintet Private Bank Europe S.A. lifted its holdings in Biogen by 9.7% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after buying an additional 63 shares during the period. Signaturefd LLC grew its position in shares of Biogen by 3.5% in the 4th quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company’s stock worth $320,000 after buying an additional 71 shares during the last quarter. Quent Capital LLC increased its stake in shares of Biogen by 31.9% during the fourth quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock valued at $46,000 after buying an additional 72 shares during the period. Finally, TD Private Client Wealth LLC raised its holdings in shares of Biogen by 25.0% during the third quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock valued at $75,000 after acquiring an additional 77 shares in the last quarter. Hedge funds and other 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.