Morgan Stanley Lowers Biogen (NASDAQ:BIIB) Price Target to $144.00

Key Points

• Morgan Stanley has decreased its price target for Biogen from $146.00 to $144.00, maintaining an "equal weight" rating on the stock, which suggests a potential upside of 15.30% from the current price.
• Biogen's share price fell by 2.4% to $124.89, with a market cap of $18.30 billion and a PE ratio of 12.34.
• The company's recent earnings report showed a notable beat with $5.47 EPS against a consensus estimate of $3.93 and a 7.3% year-over-year revenue increase.

Biogen (NASDAQ:BIIB - Get Free Report) had its target price reduced by equities research analysts at Morgan Stanley from $146.00 to $144.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the biotechnology company's stock. Morgan Stanley's target price indicates a potential upside of 9.13% from the stock's current price.

Several other research analysts have also recently weighed in on the company. Royal Bank Of Canada set a $213.00 price objective on Biogen and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. HC Wainwright boosted their target price on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research note on Friday. The Goldman Sachs Group decreased their price target on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Finally, Robert W. Baird reduced their target price on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Twenty-one research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $185.63.

Biogen Stock Up 3.1%

BIIB stock traded up $3.95 during mid-day trading on Friday, hitting $131.95. 2,798,041 shares of the company were exchanged, compared to its average volume of 1,270,644. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.01 and a current ratio of 2.50. Biogen has a 1-year low of $110.04 and a 1-year high of $213.50. The firm's 50 day simple moving average is $129.84 and its 200 day simple moving average is $131.76. The firm has a market cap of $19.33 billion, a P/E ratio of 12.61, a P/E/G ratio of 1.91 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The firm's quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the business posted $5.28 earnings per share. On average, sell-side analysts predict that Biogen will post 15.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the sale, the insider owned 6,330 shares of the company's stock, valued at $854,550. The trade was a 25.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Biogen

A number of large investors have recently added to or reduced their stakes in BIIB. Vanguard Group Inc. increased its position in shares of Biogen by 1.7% in the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock worth $2,330,774,000 after purchasing an additional 283,964 shares during the period. Geode Capital Management LLC increased its holdings in Biogen by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock valued at $563,709,000 after buying an additional 82,456 shares during the period. Invesco Ltd. raised its position in shares of Biogen by 6.4% in the 1st quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock valued at $309,944,000 after buying an additional 136,200 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Biogen by 1.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock worth $295,705,000 after acquiring an additional 21,170 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Biogen by 14.6% during the 4th quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock worth $237,046,000 after acquiring an additional 196,995 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

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.