Biogen (NASDAQ:BIIB) Stock Price Target Raised at Wells Fargo & Company

Biogen (NASDAQ:BIIB) had its price objective increased by research analysts at Wells Fargo & Company from $250.00 to $310.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 28.89% from the company’s previous close.

Other research analysts have also issued reports about the company. UBS Group boosted their target price on Biogen from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, October 9th. Canaccord Genuity Group upped their price target on shares of Biogen from $245.00 to $248.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Oppenheimer restated an “outperform” rating and issued a $300.00 price target on shares of Biogen in a research note on Wednesday, July 29th. Royal Bank Of Canada lowered their price target on shares of Biogen from $260.00 to $256.00 and set an “outperform” rating on the stock in a research report on Thursday, October 8th. Finally, HSBC lifted their price objective on shares of Biogen from $165.00 to $175.00 and gave the stock a “reduce” rating in a research note on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $239.96.

Biogen Stock Up 3.0%

NASDAQ BIIB traded up $7.03 during trading on Tuesday, hitting $240.51. The stock had a trading volume of 75,325 shares, compared to its average volume of 1,200,342. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 1.87. Biogen has a 12 month low of $138.00 and a 12 month high of $241.24. The company’s 50-day moving average price is $220.49 and its two-hundred day moving average price is $204.32. The company has a market capitalization of $35.54 billion, a PE ratio of 42.55, a P/E/G ratio of 2.58 and a beta of 0.09.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 EPS for the quarter, topping the consensus estimate of $2.94 by $0.66. Biogen had a net margin of 8.32% and a return on equity of 11.18%. The firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the previous year, the firm posted $5.47 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. As a group, sell-side analysts forecast that Biogen will post 12.38 EPS for the current year.

Hedge Funds Weigh In On Biogen

Several hedge funds and other institutional investors have recently made changes to their positions in BIIB. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Biogen by 1,552.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 345,619 shares of the biotechnology company’s stock worth $78,068,000 after purchasing an additional 324,703 shares during the period. CWA Asset Management Group LLC grew its position in shares of Biogen by 11.2% in the third quarter. CWA Asset Management Group LLC now owns 42,412 shares of the biotechnology company’s stock valued at $9,580,000 after purchasing an additional 4,285 shares in the last quarter. Capital Square LLC purchased a new position in shares of Biogen in the third quarter valued at $205,000. Clark Wealth Partners raised its stake in shares of Biogen by 5,085.7% during the 3rd quarter. Clark Wealth Partners now owns 363 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 356 shares during the period. Finally, Grant Private Wealth Management Inc bought a new stake in shares of Biogen during the 3rd quarter valued at $266,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Company Profile

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company’s portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer’s disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.