Biogen (NASDAQ:BIIB) Now Covered by Sanford C. Bernstein

Sanford C. Bernstein initiated coverage on shares of Biogen (NASDAQ:BIIB) in a report issued on Tuesday, MarketBeat reports. The brokerage issued a market perform rating and a $160.00 price target on the biotechnology company’s stock.

BIIB has been the topic of several other reports. TD Cowen reduced their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Barclays dropped their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Truist Financial lowered their price objective on shares of Biogen from $302.00 to $220.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. Oppenheimer cut their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Finally, Stifel Nicolaus cut 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. Seventeen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $221.65.

Biogen Price Performance

Shares of BIIB stock opened at $139.39 on Tuesday. The company has a market capitalization of $20.31 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.65 and a beta of -0.08. The company’s 50-day simple moving average is $148.71 and its two-hundred day simple moving average is $174.84. Biogen has a one year low of $138.72 and a one year high of $244.95. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Hedge Funds Weigh In On Biogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Larson Financial Group LLC increased its holdings in shares of Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 141 shares during the period. Lee Danner & Bass Inc. purchased a new stake in Biogen in the fourth quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new position in Biogen in the 4th quarter worth approximately $32,000. Ashton Thomas Securities LLC purchased a new position in Biogen during the 3rd quarter worth approximately $33,000. Finally, SRS Capital Advisors Inc. acquired a new stake in Biogen during the 4th quarter valued at approximately $33,000. 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.