Morgan Stanley Lowers Biogen (NASDAQ:BIIB) Price Target to $157.00

Biogen (NASDAQ:BIIB) had its price objective dropped by analysts at Morgan Stanley from $192.00 to $157.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the biotechnology company’s stock. Morgan Stanley’s price target would indicate a potential upside of 14.32% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a report on Thursday. Bank Of America (Bofa) decreased their target price on Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research report on Tuesday. Canaccord Genuity Group decreased their price objective on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research report on Thursday. Piper Sandler cut Biogen from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $315.00 to $138.00 in a research report on Thursday, January 2nd. Finally, TD Cowen reduced their price target on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Seventeen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Biogen has an average rating of “Hold” and a consensus target price of $211.96.

Biogen Price Performance

BIIB stock opened at $137.33 on Thursday. 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 capitalization of $20.01 billion, a PE ratio of 12.41, a P/E/G ratio of 1.65 and a beta of -0.08. Biogen has a 12-month low of $128.51 and a 12-month high of $238.00. The business’s fifty day moving average price is $147.31 and its 200 day moving average price is $173.80.

Biogen (NASDAQ:BIIB) last issued its quarterly 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%. On average, sell-side analysts anticipate that Biogen will post 16.42 EPS for the current year.

Institutional Investors Weigh In On Biogen

Several hedge funds have recently made changes to their positions in BIIB. Wahed Invest LLC boosted its holdings in 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 during the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in shares of Biogen by 13.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 6,475 shares of the biotechnology company’s stock worth $990,000 after purchasing an additional 779 shares in the last quarter. Kapitalo Investimentos Ltda lifted its stake in shares of Biogen by 25.5% during the fourth quarter. Kapitalo Investimentos Ltda now owns 1,472 shares of the biotechnology company’s stock worth $225,000 after purchasing an additional 299 shares in the last quarter. PDT Partners LLC increased its position in shares of Biogen by 138.9% during the fourth quarter. PDT Partners LLC now owns 39,405 shares of the biotechnology company’s stock worth $6,026,000 after acquiring an additional 22,908 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of Biogen by 1,002.7% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 79,516 shares of the biotechnology company’s stock worth $12,160,000 after acquiring an additional 72,305 shares during the last quarter. Institutional investors and hedge funds 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.