Biogen (NASDAQ:BIIB) Price Target Cut to $152.00 by Analysts at Morgan Stanley

Biogen (NASDAQ:BIIB - Free Report) had its price target cut by Morgan Stanley from $157.00 to $152.00 in a research report released on Wednesday,Benzinga reports. They currently have an equal weight rating on the biotechnology company's stock.

Several other equities research analysts have also recently issued reports on BIIB. Sanford C. Bernstein assumed coverage on shares of Biogen in a research report on Tuesday, February 11th. They set a "market perform" rating and a $160.00 price objective on the stock. Truist Financial decreased their price target on shares of Biogen from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. StockNews.com cut Biogen from a "strong-buy" rating to a "buy" rating in a report on Saturday, December 28th. Stifel Nicolaus lowered Biogen from a "buy" rating to a "hold" rating and set a $175.00 price target for the company. in a research note on Monday, December 16th. Finally, Wells Fargo & Company reduced their price objective on Biogen from $165.00 to $140.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 13th. Eighteen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $213.15.

Biogen Price Performance

Shares of BIIB traded up $2.29 during mid-day trading on Wednesday, reaching $117.46. The stock had a trading volume of 502,724 shares, compared to its average volume of 1,350,105. The firm has a market cap of $17.19 billion, a price-to-earnings ratio of 10.50, a PEG ratio of 1.51 and a beta of 0.06. Biogen has a 12 month low of $110.04 and a 12 month high of $238.00. The business has a fifty day moving average of $136.74 and a 200 day moving average of $153.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (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 16.87%. Equities analysts predict that Biogen will post 15.83 EPS for the current year.

Insider Buying and Selling at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.16% of the company's stock.

Institutional Investors Weigh In On Biogen

A number of institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its position in shares of Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after buying an additional 2,648,024 shares during the last quarter. Norges Bank acquired a new stake in Biogen in the fourth quarter valued at approximately $355,569,000. Van ECK Associates Corp grew its holdings in Biogen by 977.9% in the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock worth $163,083,000 after purchasing an additional 967,523 shares during the last quarter. Invesco Ltd. increased its position in shares of Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after purchasing an additional 499,074 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Biogen by 982.0% during the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after purchasing an additional 489,811 shares during the last quarter. Institutional investors 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.