Biogen (NASDAQ:BIIB) Given New $244.00 Price Target at Bank of America

Biogen (NASDAQ:BIIB) had its price objective hoisted by Bank of America from $219.00 to $244.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Bank of America’s price objective indicates a potential upside of 1.25% from the company’s current price.

Several other analysts have also recently commented on the stock. Wall Street Zen cut shares of Biogen from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Piper Sandler reissued an “overweight” rating and issued a $245.00 price target (up from $225.00) on shares of Biogen in a research note on Thursday, September 3rd. JPMorgan Chase & Co. upgraded Biogen from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $210.00 to $300.00 in a research report on Monday, October 12th. Oppenheimer reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Biogen in a research note on Wednesday, July 29th. Finally, Guggenheim upped their price objective on Biogen from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $241.89.

Biogen Stock Performance

Biogen stock opened at $240.98 on Thursday. The stock has a 50-day simple moving average of $221.92 and a 200 day simple moving average of $205.19. The company has a quick ratio of 1.26, a current ratio of 1.87 and a debt-to-equity ratio of 0.39. Biogen has a 12-month low of $138.00 and a 12-month high of $244.65. The stock has a market capitalization of $35.60 billion, a price-to-earnings ratio of 42.65, a P/E/G ratio of 2.71 and a beta of 0.09.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $3.60 EPS for the quarter, topping analysts’ consensus estimates of $2.94 by $0.66. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.46 billion. Biogen had a net margin of 8.32% and a return on equity of 11.18%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.47 EPS. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. On average, research analysts anticipate that Biogen will post 12.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biogen

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Biogen in the 2nd quarter valued at $3,453,878,000. Primecap Management Co. CA bought a new position in Biogen during the second quarter worth about $3,274,304,000. Wellington Management Group LLP grew its stake in Biogen by 5.3% in the second quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock valued at $673,560,000 after acquiring an additional 155,828 shares during the period. Amundi grew its stake in Biogen by 91.8% in the second quarter. Amundi now owns 1,516,831 shares of the biotechnology company’s stock valued at $327,727,000 after acquiring an additional 726,004 shares during the period. Finally, Legal & General Group Plc bought a new stake in shares of Biogen in the second quarter worth about $322,640,000. 87.93% of the stock is owned by institutional investors.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company’s portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer’s disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.