Biogen (NASDAQ:BIIB) Given New $220.00 Price Target at Truist Financial

Biogen (NASDAQ:BIIB) had its target price trimmed by Truist Financial from $302.00 to $220.00 in a research note released on Wednesday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other research analysts have also commented on the company. 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. Royal Bank of Canada lowered their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Oppenheimer reduced their price target 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. Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a research report on Monday, November 18th. Finally, Bank of America reissued a “neutral” rating and issued a $178.00 target price on shares of Biogen in a report on Tuesday, December 10th. Sixteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $232.40.

Biogen Price Performance

Shares of BIIB stock opened at $150.75 on Wednesday. Biogen has a twelve month low of $145.07 and a twelve month high of $257.28. 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 $21.97 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 1.74 and a beta of -0.07. The firm has a fifty day simple moving average of $158.35 and a 200-day simple moving average of $188.60.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.36 EPS. Equities research analysts anticipate that Biogen will post 16.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC lifted its holdings in shares of Biogen by 80.4% during the second quarter. Private Advisor Group LLC now owns 8,721 shares of the biotechnology company’s stock valued at $2,022,000 after purchasing an additional 3,888 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Biogen by 201.9% in the second quarter. Acadian Asset Management LLC now owns 5,702 shares of the biotechnology company’s stock worth $1,320,000 after buying an additional 3,813 shares during the period. Choreo LLC purchased a new position in shares of Biogen in the second quarter worth approximately $297,000. LGT Fund Management Co Ltd. acquired a new stake in shares of Biogen during the second quarter valued at approximately $388,000. Finally, Royal London Asset Management Ltd. lifted its position in shares of Biogen by 22.4% in the 2nd quarter. Royal London Asset Management Ltd. now owns 69,572 shares of the biotechnology company’s stock valued at $16,128,000 after acquiring an additional 12,751 shares in 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.