Biogen (NASDAQ:BIIB) Price Target Lowered to $224.00 at Scotiabank

Biogen (NASDAQ:BIIB) had its price target decreased by investment analysts at Scotiabank from $244.00 to $224.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the biotechnology company’s stock. Scotiabank’s price target indicates a potential upside of 61.22% from the company’s previous close.

A number of other analysts also recently commented on BIIB. Bank Of America (Bofa) dropped their price target on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday. Wolfe Research assumed coverage on shares of Biogen in a research report on Friday, November 15th. They set a “peer perform” rating on the stock. Stifel Nicolaus downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 target price on the stock. in a report on Monday, December 16th. Jefferies Financial Group downgraded shares of Biogen from a “buy” rating to a “hold” rating and dropped their target price for the stock from $250.00 to $180.00 in a report on Monday, December 9th. Finally, HC Wainwright dropped their target price on shares of Biogen from $300.00 to $241.00 and set a “buy” rating on the stock in a report on Thursday. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $211.96.

Biogen Stock Performance

NASDAQ:BIIB traded up $5.51 during mid-day trading on Thursday, hitting $138.94. The stock had a trading volume of 1,199,858 shares, compared to its average volume of 1,370,118. The stock has a market capitalization of $20.25 billion, a price-to-earnings ratio of 12.55, a P/E/G ratio of 1.65 and a beta of -0.08. The company has a 50 day simple moving average of $147.73 and a 200-day simple moving average of $174.05. Biogen has a 52 week low of $128.51 and a 52 week high of $238.00. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share 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%. On average, research analysts expect that Biogen will post 16.42 earnings per share for the current fiscal year.

Institutional Trading of Biogen

A number of institutional investors and hedge funds have recently modified their holdings of BIIB. Exchange Traded Concepts LLC lifted its stake 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 worth $322,000 after buying an additional 1,626 shares during the last quarter. Swedbank AB raised its stake in Biogen by 85.0% during the 3rd quarter. Swedbank AB now owns 185,008 shares of the biotechnology company’s stock valued at $35,862,000 after purchasing an additional 84,981 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new position in Biogen during the 3rd quarter valued at $227,000. Sumitomo Life Insurance Co. raised its stake in Biogen by 4.3% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 3,906 shares of the biotechnology company’s stock valued at $757,000 after purchasing an additional 162 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in Biogen during the 3rd quarter valued at $388,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.