Biogen (NASDAQ:BIIB) Sets New 52-Week Low – Here’s Why

Shares of Biogen Inc. (NASDAQ:BIIB) hit a new 52-week low on Monday . The stock traded as low as $158.12 and last traded at $158.12, with a volume of 16257 shares changing hands. The stock had previously closed at $159.99.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several recent research reports. Morgan Stanley cut Biogen from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $285.00 to $204.00 in a research report on Thursday, October 31st. Needham & Company LLC cut Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target for the company. in a research report on Monday. Royal Bank of Canada reduced their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. JPMorgan Chase & Co. reduced their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Raymond James reiterated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $258.96.

Biogen Price Performance

The stock has a 50 day simple moving average of $184.26 and a two-hundred day simple moving average of $206.44. The company has a market cap of $22.65 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.52 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the business earned $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities research analysts predict that Biogen Inc. will post 16.42 earnings per share for the current fiscal year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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 in the company, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently modified their holdings of the company. TD Private Client Wealth LLC increased its holdings in Biogen by 25.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock worth $75,000 after purchasing an additional 77 shares during the period. Geode Capital Management LLC increased its holdings in Biogen by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after purchasing an additional 47,055 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in Biogen by 144.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 7,178 shares of the biotechnology company’s stock worth $1,391,000 after purchasing an additional 4,238 shares during the period. MML Investors Services LLC increased its holdings in Biogen by 3.8% during the 3rd quarter. MML Investors Services LLC now owns 10,280 shares of the biotechnology company’s stock worth $1,993,000 after purchasing an additional 380 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Biogen during the 3rd quarter worth about $1,348,000. Hedge funds and other 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.