Truist Financial Cuts Biogen (NASDAQ:BIIB) Price Target to $210.00

Biogen (NASDAQ:BIIB) had its price target trimmed by Truist Financial from $220.00 to $210.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

A number of other brokerages have also weighed in on BIIB. 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. 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. BMO Capital Markets lowered Biogen from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $230.00 to $164.00 in a research report on Friday, December 20th. Barclays decreased their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Oppenheimer reduced their price target on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Seventeen research 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 has an average rating of “Hold” and an average price target of $211.96.

Biogen Stock Performance

Shares of Biogen stock opened at $137.33 on Thursday. The stock has a market cap of $20.01 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.65 and a beta of -0.08. The firm’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. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

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 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%. Sell-side analysts anticipate that Biogen will post 16.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Biogen by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company’s stock worth $2,561,238,000 after purchasing an additional 70,368 shares during the period. State Street Corp boosted its stake in Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after purchasing an additional 248,942 shares during the period. Geode Capital Management LLC boosted its stake in Biogen by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company’s stock worth $563,709,000 after purchasing an additional 82,456 shares during the period. Pacer Advisors Inc. boosted its stake in Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the period. Finally, Norges Bank bought a new position in Biogen in the 4th quarter worth approximately $355,569,000. 87.93% of the stock is currently owned by institutional investors.

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.