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

Biogen (NASDAQ:BIIB - Get Free Report) had its price objective decreased by equities research analysts at Citigroup from $190.00 to $160.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the biotechnology company's stock. Citigroup's price target would suggest a potential upside of 9.97% from the company's previous close.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Biogen from $190.00 to $165.00 and set an "equal weight" rating on the stock in a report on Friday, January 10th. Jefferies Financial Group downgraded Biogen from a "buy" rating to a "hold" rating and cut their price objective for the company from $250.00 to $180.00 in a report on Monday, December 9th. Mizuho lowered 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. Oppenheimer cut their price target on Biogen from $270.00 to $255.00 and set an "outperform" rating on the stock in a research note on Thursday, October 31st. Finally, William Blair reaffirmed an "outperform" rating on shares of Biogen in a research note on Monday, January 13th. Sixteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $228.80.

Biogen Price Performance

NASDAQ BIIB traded down $3.27 on Tuesday, hitting $145.49. 1,288,731 shares of the company's stock were exchanged, compared to its average volume of 1,261,455. The stock has a 50-day moving average of $151.75 and a 200-day moving average of $180.64. The stock has a market cap of $21.20 billion, a price-to-earnings ratio of 13.14, a P/E/G ratio of 1.64 and a beta of -0.07. Biogen has a 52 week low of $139.71 and a 52 week high of $251.99. 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 - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the company earned $4.36 EPS. Biogen's revenue for the quarter was down 2.5% on a year-over-year basis. Analysts expect that Biogen will post 16.41 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. North Growth Management Ltd. lifted its position in Biogen by 63.6% in the 4th quarter. North Growth Management Ltd. now owns 18,000 shares of the biotechnology company's stock valued at $2,734,000 after acquiring an additional 7,000 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Biogen in the fourth quarter valued at approximately $5,260,000. Cidel Asset Management Inc. boosted its position in shares of Biogen by 14.5% during the fourth quarter. Cidel Asset Management Inc. now owns 1,512 shares of the biotechnology company's stock valued at $231,000 after buying an additional 191 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Biogen during the fourth quarter worth $41,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Biogen by 5.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 391,496 shares of the biotechnology company's stock valued at $59,868,000 after buying an additional 21,368 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

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.