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

Biogen (NASDAQ:BIIB) had its target price reduced by analysts at Morgan Stanley from $192.00 to $157.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the biotechnology company’s stock. Morgan Stanley’s target price would indicate a potential upside of 14.71% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. StockNews.com downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Robert W. Baird raised their target price on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Canaccord Genuity Group lowered their target price on Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research note on Thursday. Piper Sandler downgraded Biogen from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $315.00 to $138.00 in a research note on Thursday, January 2nd. Finally, Barclays lowered their price objective on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Seventeen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Biogen presently has an average rating of “Hold” and an average target price of $213.63.

Biogen Stock Performance

Biogen stock traded up $3.44 during mid-day trading on Thursday, reaching $136.87. 870,742 shares of the company’s stock were exchanged, compared to its average volume of 1,359,385. The firm has a market capitalization of $19.94 billion, a PE ratio of 12.38, a P/E/G ratio of 1.65 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The business’s fifty 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.

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%. On average, sell-side analysts expect that Biogen will post 16.42 earnings per share for the current year.

Institutional Trading of Biogen

Hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC increased its stake 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. bought a new position in shares of Biogen during the 4th quarter valued at about $25,000. OFI Invest Asset Management bought a new position in shares of Biogen during the 4th quarter valued at about $32,000. Ashton Thomas Securities LLC bought a new stake in Biogen in the 3rd quarter worth approximately $33,000. Finally, SRS Capital Advisors Inc. bought a new stake in Biogen in the 4th quarter worth approximately $33,000. 87.93% of the stock is owned by institutional investors.

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.