Biogen (NASDAQ:BIIB) Downgraded by StockNews.com to “Buy”

Biogen (NASDAQ:BIIB) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. decreased their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. HC Wainwright reiterated a “buy” rating and issued a $300.00 price target on shares of Biogen in a research note on Thursday, October 31st. UBS Group decreased their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. BMO Capital Markets lowered their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Finally, Bank of America reaffirmed a “neutral” rating and set a $178.00 target price on shares of Biogen in a research report on Tuesday. Fourteen research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $249.80.

Biogen Stock Up 0.7 %

Shares of BIIB stock traded up $1.14 during trading on Wednesday, hitting $157.46. 1,395,336 shares of the company were exchanged, compared to its average volume of 1,190,349. The business’s 50-day simple moving average is $173.14 and its 200 day simple moving average is $199.48. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen has a twelve month low of $153.62 and a twelve month high of $268.30. The firm has a market capitalization of $22.95 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 1.49 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.36 EPS. As a group, analysts forecast that Biogen will post 16.44 EPS for the current fiscal year.

Institutional Trading of Biogen

Hedge funds have recently added to or reduced their stakes in the company. Oddo BHF Asset Management Sas acquired a new stake in Biogen in the third quarter valued at about $1,383,000. Inspire Trust Co. N.A. raised its holdings in Biogen by 58.5% in the third quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company’s stock valued at $2,113,000 after buying an additional 4,025 shares during the period. Synovus Financial Corp lifted its position in Biogen by 6.0% during the 3rd quarter. Synovus Financial Corp now owns 14,462 shares of the biotechnology company’s stock worth $2,803,000 after acquiring an additional 821 shares in the last quarter. Tidal Investments LLC boosted its position in Biogen by 13.6% in the 3rd quarter. Tidal Investments LLC now owns 9,012 shares of the biotechnology company’s stock valued at $1,747,000 after buying an additional 1,082 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Biogen during the third quarter valued at approximately $150,000. Institutional investors and hedge funds 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.