Wells Fargo & Company Has Lowered Expectations for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its target price decreased by Wells Fargo & Company from $165.00 to $140.00 in a report issued on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the biotechnology company’s stock.

A number of other brokerages also recently weighed in on BIIB. HC Wainwright lowered their target price on Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a report on Thursday. Canaccord Genuity Group lowered their price objective on shares of Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research note on Thursday. Citigroup dropped their target price on shares of Biogen from $190.00 to $160.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 28th. Mizuho reduced their price target on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. Finally, Piper Sandler lowered shares of Biogen from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $315.00 to $138.00 in a report on Thursday, January 2nd. Seventeen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $211.96.

Biogen Trading Up 3.8 %

BIIB opened at $138.45 on Thursday. Biogen has a twelve month low of $128.51 and a twelve month high of $238.00. The company has a fifty day moving average of $147.73 and a 200-day moving average of $174.05. The stock has a market cap of $20.17 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

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 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%. On average, sell-side analysts predict that Biogen will post 16.42 EPS for the current year.

Institutional Investors Weigh In On Biogen

A number of institutional investors have recently added to or reduced their stakes in the company. Inspire Trust Co. N.A. lifted its position in shares of Biogen by 58.5% during the 3rd quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company’s stock worth $2,113,000 after buying an additional 4,025 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Biogen by 0.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 43,460 shares of the biotechnology company’s stock valued at $6,646,000 after acquiring an additional 111 shares during the last quarter. Centre Asset Management LLC lifted its holdings in Biogen by 7.7% during the fourth quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock worth $7,880,000 after acquiring an additional 3,698 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Biogen by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after acquiring an additional 12,319 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Biogen by 3.2% in the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock worth $32,687,000 after purchasing an additional 5,270 shares during the last quarter. 87.93% of the stock is 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.