Biogen (NASDAQ:BIIB) Reaches New 1-Year Low Following Analyst Downgrade

Biogen Inc. (NASDAQ:BIIB) shares reached a new 52-week low during mid-day trading on Thursday after Barclays lowered their price target on the stock from $190.00 to $180.00. Barclays currently has an equal weight rating on the stock. Biogen traded as low as $176.71 and last traded at $177.85, with a volume of 11971 shares. The stock had previously closed at $181.18.

BIIB has been the subject of a number of other reports. Raymond James restated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Truist Financial restated a “buy” rating and issued a $302.00 price objective (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Piper Sandler decreased their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. HC Wainwright reissued a “buy” rating and set a $300.00 target price on shares of Biogen in a research report on Thursday. Finally, Royal Bank of Canada reduced their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Ten investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $262.83.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Vanguard Group Inc. grew its stake in shares of Biogen by 15.0% in the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares in the last quarter. Primecap Management Co. CA lifted its holdings in Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares during the period. Price T Rowe Associates Inc. MD grew its position in Biogen by 5.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock valued at $342,772,000 after buying an additional 81,283 shares in the last quarter. RA Capital Management L.P. increased its stake in Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after buying an additional 207,835 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Biogen by 27.2% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock worth $123,024,000 after buying an additional 122,101 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Price Performance

The business’s 50-day simple moving average is $192.71 and its 200 day simple moving average is $209.37. The company has a market capitalization of $25.31 billion, a P/E ratio of 15.70, a P/E/G ratio of 1.82 and a beta of -0.06. The company has a current ratio of 1.26, a quick ratio of 1.48 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The firm 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 firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.36 earnings per share. As a group, sell-side analysts anticipate that Biogen Inc. will post 16.17 EPS for the current year.

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.