Citigroup Has Lowered Expectations for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its price target decreased by Citigroup from $160.00 to $145.00 in a report released on Thursday morning,Benzinga reports. Citigroup currently has a neutral rating on the biotechnology company’s stock.

Several other equities research analysts have also recently weighed in on the stock. Robert W. Baird raised their price objective on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. HC Wainwright lowered their price target on shares of Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a report on Thursday. Oppenheimer reduced their price objective on Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Mizuho lowered their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research note on Thursday, November 21st. Finally, Stifel Nicolaus downgraded Biogen from a “buy” rating to a “hold” rating and set a $175.00 target price for the company. in a research report on Monday, December 16th. Seventeen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $211.96.

Biogen Stock Up 3.8 %

NASDAQ BIIB opened at $138.45 on Thursday. The stock’s 50 day simple moving average is $147.73 and its 200 day simple moving average is $174.05. Biogen has a one year low of $128.51 and a one year high of $238.00. The firm 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 debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. As a group, sell-side analysts forecast that Biogen will post 16.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

Hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. grew its position in shares of Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after purchasing an additional 2,648,024 shares during the period. Norges Bank bought a new position in Biogen in the fourth quarter valued at approximately $355,569,000. Van ECK Associates Corp boosted its holdings in shares of Biogen by 977.9% in the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after buying an additional 967,523 shares during the period. Invesco Ltd. increased its position in shares of Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock worth $325,537,000 after acquiring an additional 499,074 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Biogen by 98.7% during the fourth quarter. FMR LLC now owns 757,570 shares of the biotechnology company’s stock worth $115,848,000 after acquiring an additional 376,356 shares during the period. 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.