Biogen (NASDAQ:BIIB) Sets New 52-Week Low – Time to Sell?

Biogen Inc. (NASDAQ:BIIB) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $170.70 and last traded at $171.10, with a volume of 51835 shares. The stock had previously closed at $172.03.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several research reports. Mizuho lowered their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Royal Bank of Canada decreased their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Truist Financial reaffirmed a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Robert W. Baird reduced their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $300.00 target price on shares of Biogen in a report on Thursday, October 31st. 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.com, Biogen currently has an average rating of “Moderate Buy” and a consensus price target of $261.58.

Biogen Stock Down 1.6 %

The stock has a 50-day moving average of $189.06 and a 200 day moving average of $208.65. 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 $24.66 billion, a P/E ratio of 15.54, a PEG ratio of 1.64 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $4.36 EPS. Research analysts anticipate that Biogen Inc. will post 16.4 earnings per share for the current year.

Insider Buying and Selling at Biogen

In other 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 completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Plato Investment Management Ltd lifted its holdings in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the period. Itau Unibanco Holding S.A. bought a new stake in Biogen in the second quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in Biogen during the 3rd quarter valued at approximately $33,000. EntryPoint Capital LLC bought a new position in Biogen during the 1st quarter worth approximately $36,000. Finally, Versant Capital Management Inc lifted its position in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the period. Institutional investors own 87.93% of the company’s stock.

Biogen Company Profile

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.