Biogen (NASDAQ:BIIB) Price Target Cut to $224.00 by Analysts at Scotiabank

Biogen (NASDAQ:BIIB - Free Report) had its price objective decreased by Scotiabank from $244.00 to $224.00 in a research report released on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the biotechnology company's stock.

BIIB has been the topic of several other reports. Robert W. Baird raised their price objective on Biogen from $294.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, November 15th. JPMorgan Chase & Co. cut their price objective on Biogen from $220.00 to $210.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. William Blair reissued an "outperform" rating on shares of Biogen in a research report on Monday, January 13th. Wells Fargo & Company cut their price objective on Biogen from $165.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Thursday. Finally, Bank of America reissued a "neutral" rating and issued a $178.00 price objective on shares of Biogen in a research report on Tuesday, December 10th. Seventeen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $211.96.

Biogen Trading Down 0.8 %

Shares of BIIB stock traded down $1.12 during mid-day trading on Thursday, hitting $137.33. 1,690,446 shares of the company's stock were exchanged, compared to its average volume of 1,234,164. Biogen has a fifty-two week low of $128.51 and a fifty-two week high of $238.00. The stock has a 50-day simple moving average of $146.90 and a two-hundred day simple moving average of $172.71. 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 stock has a market cap of $20.01 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.65 and a beta of -0.08.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating 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%. Equities analysts expect that Biogen will post 16.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Biogen

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Grandfield & Dodd LLC boosted its position in shares of Biogen by 5.2% during the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company's stock worth $244,000 after buying an additional 62 shares during the period. Quintet Private Bank Europe S.A. boosted its position in shares of Biogen by 9.7% during the third quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company's stock worth $138,000 after buying an additional 63 shares during the period. Signaturefd LLC boosted its position in shares of Biogen by 3.5% during the fourth quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock worth $320,000 after buying an additional 71 shares during the period. Quent Capital LLC boosted its position in shares of Biogen by 31.9% during the fourth quarter. Quent Capital LLC now owns 298 shares of the biotechnology company's stock worth $46,000 after buying an additional 72 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in shares of Biogen by 25.0% during the third quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company's stock worth $75,000 after buying an additional 77 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.