The Goldman Sachs Group Lowers Biogen (NASDAQ:BIIB) Price Target to $245.00

Biogen (NASDAQ:BIIB) had its price objective dropped by The Goldman Sachs Group from $281.00 to $245.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 78.40% from the stock’s current price.

Several other equities analysts have also recently issued reports on BIIB. Wells Fargo & Company decreased their price target on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a research report on Thursday. Sanford C. Bernstein assumed coverage on shares of Biogen in a research report on Tuesday. They set a “market perform” rating and a $160.00 price objective for the company. Morgan Stanley decreased their price objective on shares of Biogen from $192.00 to $157.00 and set an “equal weight” rating for the company in a research report on Thursday. Bank Of America (Bofa) decreased their price objective on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a research report on Thursday. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Biogen presently has an average rating of “Hold” and a consensus price target of $211.96.

Biogen Trading Down 0.8 %

Shares of NASDAQ BIIB opened at $137.33 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen has a 52-week low of $128.51 and a 52-week high of $238.00. The firm has a 50 day moving average price of $147.31 and a two-hundred day moving average price of $173.80. The stock has a market cap of $20.01 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08.

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

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently made changes to their positions in BIIB. Exchange Traded Concepts LLC raised its holdings in shares of Biogen by 4,516.7% in the third quarter. Exchange Traded Concepts LLC now owns 1,662 shares of the biotechnology company’s stock valued at $322,000 after purchasing an additional 1,626 shares during the last quarter. Swedbank AB increased its holdings in Biogen by 85.0% during the third quarter. Swedbank AB now owns 185,008 shares of the biotechnology company’s stock worth $35,862,000 after buying an additional 84,981 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new stake in Biogen during the third quarter worth about $227,000. Sumitomo Life Insurance Co. increased its holdings in Biogen by 4.3% during the third quarter. Sumitomo Life Insurance Co. now owns 3,906 shares of the biotechnology company’s stock worth $757,000 after buying an additional 162 shares during the last quarter. Finally, nVerses Capital LLC purchased a new stake in Biogen during the third quarter worth about $388,000. Hedge funds and other institutional investors 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.