Canaccord Genuity Group Cuts Biogen (NASDAQ:BIIB) Price Target to $265.00

Biogen (NASDAQ:BIIB) had its price target cut by Canaccord Genuity Group from $298.00 to $265.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

A number of other brokerages have also commented on BIIB. TD Cowen decreased their target price on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Citigroup decreased their target price on Biogen from $190.00 to $160.00 and set a “neutral” rating for the company in a research report on Tuesday, January 28th. Mizuho decreased their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research report on Thursday, November 21st. Wolfe Research began coverage on Biogen in a research report on Friday, November 15th. They issued a “peer perform” rating for the company. Finally, Piper Sandler lowered Biogen from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $315.00 to $138.00 in a research report on Thursday, January 2nd. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $211.96.

Biogen Stock Down 0.8 %

Shares of NASDAQ:BIIB opened at $137.33 on Thursday. The company has a market capitalization of $20.01 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 1.65 and a beta of -0.08. 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 business’s 50-day moving average is $146.90 and its 200-day moving average is $173.26. Biogen has a 1 year low of $128.51 and a 1 year high of $238.00.

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

Hedge Funds Weigh In On Biogen

Several institutional investors have recently modified their holdings of the business. Wahed Invest LLC grew its holdings in shares of Biogen by 6.1% in the fourth quarter. Wahed Invest LLC now owns 3,752 shares of the biotechnology company’s stock valued at $574,000 after acquiring an additional 216 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Biogen by 13.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 6,475 shares of the biotechnology company’s stock valued at $990,000 after acquiring an additional 779 shares in the last quarter. Kapitalo Investimentos Ltda lifted its stake in Biogen by 25.5% in the fourth quarter. Kapitalo Investimentos Ltda now owns 1,472 shares of the biotechnology company’s stock valued at $225,000 after purchasing an additional 299 shares during the last quarter. PDT Partners LLC grew its holdings in Biogen by 138.9% during the fourth quarter. PDT Partners LLC now owns 39,405 shares of the biotechnology company’s stock valued at $6,026,000 after purchasing an additional 22,908 shares during the period. Finally, Schonfeld Strategic Advisors LLC increased its position in Biogen by 1,002.7% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 79,516 shares of the biotechnology company’s stock worth $12,160,000 after buying an additional 72,305 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

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.