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

Biogen (NASDAQ:BIIB) had its target price lowered by Truist Financial from $220.00 to $210.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s target price would indicate a potential upside of 52.92% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Robert W. Baird lifted their target price on Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. StockNews.com lowered Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Wells Fargo & Company dropped their target price on Biogen from $190.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, January 10th. Sanford C. Bernstein started coverage on shares of Biogen in a report on Tuesday. They set a “market perform” rating and a $160.00 price target for the company. Finally, Citigroup dropped their price objective on shares of Biogen from $190.00 to $160.00 and set a “neutral” rating on the stock in a report on Tuesday, January 28th. Seventeen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Biogen presently has a consensus rating of “Hold” and a consensus price target of $211.96.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $137.33 on Thursday. The business has a 50 day simple moving average of $147.31 and a 200-day simple moving average of $173.80. Biogen has a twelve month low of $128.51 and a twelve month high of $238.00. The company has a market capitalization of $20.01 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. 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 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 net margin of 16.81% and a return on equity of 14.98%. As a group, equities research analysts expect that Biogen will post 16.42 earnings per share for the current year.

Institutional Investors Weigh In On Biogen

A number of institutional investors and hedge funds have recently modified their holdings of BIIB. Pacer Advisors Inc. raised its position in shares of Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the period. Norges Bank acquired a new stake in Biogen during the 4th quarter worth about $355,569,000. Van ECK Associates Corp lifted its stake in Biogen by 977.9% during 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 in the last quarter. Invesco Ltd. boosted its holdings in shares of Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock worth $325,537,000 after buying an additional 499,074 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Biogen by 982.0% in the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company’s stock worth $81,914,000 after acquiring an additional 489,811 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.