Biogen (NASDAQ:BIIB) Given New $160.00 Price Target at Citigroup

Biogen (NASDAQ:BIIB) had its price target lowered by research analysts at Citigroup from $190.00 to $160.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s price objective would suggest a potential upside of 7.56% from the stock’s previous close.

Several other research firms also recently commented on BIIB. Mizuho dropped their price objective on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a report on Thursday, November 21st. Robert W. Baird lifted their price objective on Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Bank of America restated a “neutral” rating and issued a $178.00 target price on shares of Biogen in a research note on Tuesday, December 10th. Barclays decreased their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $228.80.

Biogen Stock Performance

Shares of Biogen stock opened at $148.76 on Tuesday. The company has a 50 day moving average price of $151.93 and a 200 day moving average price of $181.26. The firm has a market capitalization of $21.68 billion, a P/E ratio of 13.44, a PEG ratio of 1.64 and a beta of -0.07. 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 has a 52 week low of $139.71 and a 52 week high of $251.99.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the company posted $4.36 earnings per share. The business’s quarterly revenue was down 2.5% on a year-over-year basis. Sell-side analysts expect that Biogen will post 16.41 EPS for the current year.

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen during the third quarter valued at about $33,000. Venturi Wealth Management LLC increased its holdings in Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares during the last quarter. Itau Unibanco Holding S.A. raised its position in Biogen by 63.8% in the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 90 shares during the period. Versant Capital Management Inc lifted its stake in Biogen by 228.7% during the fourth quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock worth $61,000 after purchasing an additional 279 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new position in shares of Biogen during the third quarter worth $74,000. 87.93% of the stock is 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.