Bank of America Reaffirms “Neutral” Rating for Biogen (NASDAQ:BIIB)

Biogen (NASDAQ:BIIB)‘s stock had its “neutral” rating restated by investment analysts at Bank of America in a report released on Tuesday, MarketBeat.com reports. They presently have a $178.00 target price on the biotechnology company’s stock. Bank of America‘s price target points to a potential upside of 13.04% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Barclays cut their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wedbush lowered their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Morgan Stanley lowered Biogen from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $285.00 to $204.00 in a report on Thursday, October 31st. Needham & Company LLC lowered Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a research note on Monday, November 18th. Finally, HC Wainwright restated a “buy” rating and set a $300.00 target price on shares of Biogen in a report on Thursday, October 31st. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and a consensus price target of $249.80.

Biogen Stock Performance

Biogen stock opened at $157.46 on Tuesday. Biogen has a fifty-two week low of $153.62 and a fifty-two week high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The company has a market cap of $22.95 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.49 and a beta of -0.08. The firm’s 50 day simple moving average is $173.14 and its 200-day simple moving average is $199.48.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.36 EPS. As a group, equities research analysts predict that Biogen will post 16.44 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its stake in Biogen by 10.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,582 shares of the biotechnology company’s stock valued at $599,000 after purchasing an additional 241 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Biogen by 1.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock valued at $1,419,000 after acquiring an additional 64 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Biogen by 6.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,513 shares of the biotechnology company’s stock valued at $814,000 after acquiring an additional 218 shares in the last quarter. Westside Investment Management Inc. boosted its holdings in Biogen by 12.1% in the second quarter. Westside Investment Management Inc. now owns 2,414 shares of the biotechnology company’s stock worth $560,000 after acquiring an additional 260 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Biogen by 249.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after acquiring an additional 127 shares during the last quarter. 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.