Wells Fargo & Company Cuts Biogen (NASDAQ:BIIB) Price Target to $140.00

Biogen (NASDAQ:BIIB) had its target price cut by Wells Fargo & Company from $165.00 to $140.00 in a report published on Thursday,Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

Several other brokerages also recently weighed in on BIIB. StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. HC Wainwright decreased their target price on Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a research report on Thursday. Canaccord Genuity Group decreased their target price on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research report on Thursday. 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. Finally, Bank of America reaffirmed a “neutral” rating and issued a $178.00 target price on shares of Biogen in a research report on Tuesday, December 10th. Seventeen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Biogen currently has a consensus rating of “Hold” and an average target price of $211.96.

Biogen Price Performance

BIIB stock opened at $137.33 on Thursday. The stock has a 50-day moving average price of $146.90 and a two-hundred day moving average price of $173.26. Biogen has a 12-month low of $128.51 and a 12-month high of $238.00. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The company has a market cap of $20.01 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08.

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

Institutional Trading of Biogen

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lee Danner & Bass Inc. acquired a new stake in shares of Biogen during the 4th quarter worth approximately $25,000. 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 period. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen during the 3rd quarter worth approximately $33,000. SRS Capital Advisors Inc. acquired a new stake in shares of Biogen during the 4th quarter worth approximately $33,000. Finally, Venturi Wealth Management LLC raised its position in shares of Biogen by 73.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 93 shares during the period. 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.