Biogen's (BIIB) Neutral Rating Reaffirmed at Piper Sandler

Biogen (NASDAQ:BIIB - Get Free Report)'s stock had its "neutral" rating reaffirmed by analysts at Piper Sandler in a research report issued on Thursday,Benzinga reports. They currently have a $115.00 target price on the biotechnology company's stock. Piper Sandler's price target indicates a potential downside of 13.08% from the stock's current price.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday, February 13th. Needham & Company LLC restated a "hold" rating on shares of Biogen in a research report on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Mizuho dropped their price objective on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Finally, Wedbush reaffirmed a "neutral" rating and set a $121.00 target price on shares of Biogen in a report on Thursday. Twenty equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $188.19.

Biogen Price Performance

Shares of NASDAQ:BIIB traded down $0.75 during trading on Thursday, reaching $132.31. The stock had a trading volume of 1,147,471 shares, compared to its average volume of 1,422,725. Biogen has a 52 week low of $110.04 and a 52 week high of $238.00. The business's 50-day moving average price is $123.41 and its 200 day moving average price is $137.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The stock has a market capitalization of $19.39 billion, a PE ratio of 11.82, a P/E/G ratio of 1.51 and a beta of 0.14.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter last year, the firm earned $3.67 EPS. The business's revenue for the quarter was up 6.2% on a year-over-year basis. As a group, equities analysts predict that Biogen will post 15.83 earnings per share for the current year.

Institutional Investors Weigh In On Biogen

Several institutional investors have recently added to or reduced their stakes in BIIB. Norges Bank bought a new stake in Biogen in the 4th quarter valued at $355,569,000. Van ECK Associates Corp lifted its position in Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock valued at $163,083,000 after acquiring an additional 967,523 shares in the last quarter. AQR Capital Management LLC lifted its position in Biogen by 153.6% in the 1st quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock valued at $187,258,000 after acquiring an additional 829,150 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position in Biogen by 1,663.4% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock worth $106,813,000 after buying an additional 736,301 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after buying an additional 499,074 shares in the last quarter. 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.