Biogen Faces Downgrade from Morgan Stanley: Analyst Predictions Remain Optimistic
On October 31, 2024, Morgan Stanley lowered its outlook for Biogen (XTRA:IDP) from Overweight to Equal-Weight.
Analyst Price Forecast Indicates Significant Potential Upside
As of October 22, 2024, Biogen’s average one-year price target stands at 247.45 €/share. These estimates range from a low of 177.31 € to a high of 331.79 €. This average price target reflects a potential increase of 47.38% from its most recent closing price of 167.90 €/share.
Annual Revenue and Earnings Expectations
The anticipated annual revenue for Biogen is projected at 9,573 million €, marking a slight decline of 0.36%. Moreover, the expected annual non-GAAP earnings per share (EPS) is 16.74.
Changes in Fund Sentiment
Currently, 1,775 funds or institutions report holdings in Biogen, representing a decline of 56 owners or 3.06% from the previous quarter. The average portfolio weight of all funds dedicated to IDP is 0.25%, which has increased by 1.26%. Additionally, the total shares owned by institutions rose by 2.57% over the last three months to reach 143,295K shares.
Primecap Management owns 16,338K shares, equating to 11.22% of the company. Their previous report indicated ownership of 16,221K shares, representing an increase of 0.72%. The firm’s allocation to IDP rose by 5.11% over the last quarter.
The Vanguard PRIMECAP Fund Investor Shares (VPMCX) holds 9,155K shares, corresponding to 6.29% ownership. This is a slight increase from the previous 9,154K shares, showing a growth of 0.02%. Their portfolio allocation in IDP expanded by 3.63% in the last quarter.
T. Rowe Price Investment Management holds 5,679K shares, making up 3.90% of the company. This is an increase from 5,170K shares previously reported, reflecting a rise of 8.96%. The firm raised its portfolio allocation in IDP by 21.82% during the last quarter.
Wellington Management Group LLP owns 5,166K shares, which is 3.55% of Biogen. Their previous report indicated ownership of 5,120K shares, showing an increase of 0.90%. The firm’s allocation in IDP has grown by 9.31% recently.
J.P. Morgan Chase has 4,715K shares, equivalent to 3.24% ownership. This is up from the earlier 4,695K shares, indicating an increase of 0.43%. Their portfolio allocation for IDP rose by 4.85% in the last quarter.
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