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

Biogen Inc. (NASDAQ:BIIB)’s share price hit a new 52-week low during trading on Friday . The stock traded as low as $153.37 and last traded at $153.48, with a volume of 38747 shares trading hands. The stock had previously closed at $155.33.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BIIB shares. Wedbush dropped their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Barclays reduced their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Raymond James reissued a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Bank of America reiterated a “neutral” rating and issued a $178.00 price objective on shares of Biogen in a research report on Tuesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $300.00 price target on shares of Biogen in a research note on Thursday, October 31st. Fourteen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $249.80.

Biogen Stock Down 2.2 %

The company has a 50-day moving average of $171.92 and a 200-day moving average of $198.88. The company has a market capitalization of $22.15 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08. The company has a current ratio of 1.26, a quick ratio of 0.80 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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $2.43 billion. During the same period in the prior year, the company posted $4.36 EPS. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities analysts predict that Biogen Inc. will post 16.43 earnings per share for the current fiscal year.

Institutional Trading of Biogen

Large investors have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new stake in Biogen during the 2nd quarter valued at about $33,000. Ashton Thomas Securities LLC purchased a new stake in shares of Biogen in the third quarter worth about $33,000. Blue Trust Inc. boosted its stake in shares of Biogen by 249.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after buying an additional 49 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its stake in shares of Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after buying an additional 93 shares during 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.