Biogen (NASDAQ:BIIB) Price Target Cut to $163.00 by Analysts at Bank Of America (Bofa)

Biogen (NASDAQ:BIIB) had its target price lowered by equities researchers at Bank Of America (Bofa) from $178.00 to $163.00 in a research note issued on Tuesday. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Bank Of America (Bofa)’s price objective would indicate a potential upside of 16.94% from the company’s previous close.

Several other research analysts also recently commented on BIIB. TD Cowen reduced their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. JPMorgan Chase & Co. reduced their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Stifel Nicolaus downgraded Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective on the stock. in a report on Monday, December 16th. BMO Capital Markets downgraded Biogen from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $230.00 to $164.00 in a report on Friday, December 20th. Finally, Bank of America reaffirmed a “neutral” rating and set a $178.00 target price on shares of Biogen in a research report on Tuesday, December 10th. Seventeen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $221.65.

Biogen Trading Down 2.2 %

Shares of NASDAQ BIIB traded down $3.15 during midday trading on Tuesday, hitting $139.39. The company’s stock had a trading volume of 1,905,012 shares, compared to its average volume of 1,296,494. 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 business’s 50 day moving average is $148.71 and its two-hundred day moving average is $174.84. Biogen has a 12-month low of $138.72 and a 12-month high of $244.95. The firm has a market cap of $20.31 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC lifted its holdings in Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 141 shares during the last quarter. Lee Danner & Bass Inc. acquired a new position in Biogen in the fourth quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new position in Biogen in the fourth quarter valued at approximately $32,000. Ashton Thomas Securities LLC acquired a new position in Biogen in the third quarter valued at approximately $33,000. Finally, SRS Capital Advisors Inc. acquired a new position in Biogen in the fourth quarter valued at approximately $33,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.