Biogen (NASDAQ:BIIB) Sets New 1-Year Low – Here’s What Happened

Biogen Inc. (NASDAQ:BIIB) hit a new 52-week low during trading on Thursday . The stock traded as low as $146.57 and last traded at $146.79, with a volume of 1494882 shares traded. The stock had previously closed at $150.64.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BIIB. StockNews.com downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 11th. Oppenheimer dropped their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Wolfe Research initiated coverage on Biogen in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Biogen in a research note on Thursday, October 31st. Finally, Bank of America reaffirmed a “neutral” rating and set a $178.00 price objective on shares of Biogen in a report on Tuesday, December 10th. Fifteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and a consensus target price of $245.32.

Biogen Price Performance

The company has a 50 day moving average of $169.14 and a 200 day moving average of $196.79. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $21.39 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate 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 business earned $4.36 earnings per share. As a group, equities research analysts forecast that Biogen Inc. will post 16.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BIIB. Itau Unibanco Holding S.A. purchased a new stake in Biogen during the second quarter worth approximately $33,000. Ashton Thomas Securities LLC acquired a new position in Biogen in the 3rd quarter worth $33,000. Blue Trust Inc. lifted its holdings in Biogen by 249.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares in the last quarter. First Horizon Advisors Inc. boosted its position in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its stake in shares of Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 93 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.