Biogen (NASDAQ:BIIB) Given New $163.00 Price Target at Bank Of America (Bofa)

Biogen (NASDAQ:BIIB) had its price objective decreased by Bank Of America (Bofa) from $178.00 to $163.00 in a report published on Tuesday morning. Bank Of America (Bofa) currently has a neutral rating on the biotechnology company’s stock.

A number of other equities research analysts also recently commented on BIIB. Oppenheimer decreased their target price on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Mizuho decreased their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. Barclays reduced their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Needham & Company LLC cut Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target for the company. in a research report on Monday, November 18th. Finally, Citigroup reduced their price target on Biogen from $190.00 to $160.00 and set a “neutral” rating for the company in a research 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $211.96.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $138.45 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The company has a market cap of $20.17 billion, a PE ratio of 12.51, a P/E/G ratio of 1.65 and a beta of -0.08. The business has a 50-day simple moving average of $147.73 and a two-hundred day simple moving average of $174.05. Biogen has a fifty-two week low of $128.51 and a fifty-two week high of $238.00.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping analysts’ consensus estimates 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, equities analysts expect that Biogen will post 16.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Biogen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Biogen by 521.7% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,430 shares of the biotechnology company’s stock worth $277,000 after buying an additional 1,200 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Biogen by 4,516.7% during the third quarter. Exchange Traded Concepts LLC now owns 1,662 shares of the biotechnology company’s stock worth $322,000 after buying an additional 1,626 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in Biogen during the third quarter worth $100,000. Swedbank AB boosted its stake in Biogen by 85.0% during the third quarter. Swedbank AB now owns 185,008 shares of the biotechnology company’s stock worth $35,862,000 after buying an additional 84,981 shares during the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new position in Biogen during the third quarter worth $227,000. 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.