Biogen (NASDAQ:BIIB) Rating Lowered to Neutral at Piper Sandler

Biogen (NASDAQ:BIIB) was downgraded by equities researchers at Piper Sandler from an “overweight” rating to a “neutral” rating in a report released on Thursday, MarketBeat.com reports. They presently have a $138.00 price objective on the biotechnology company’s stock, down from their previous price objective of $315.00. Piper Sandler’s price target would suggest a potential downside of 9.34% from the stock’s previous close.

Other research analysts have also issued reports about the company. UBS Group lowered their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. StockNews.com lowered shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. HC Wainwright reissued a “buy” rating and issued a $300.00 price objective on shares of Biogen in a research note on Thursday, October 31st. Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price for the company. in a research note on Monday, November 18th. Finally, Wedbush reduced their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Seventeen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Biogen currently has a consensus rating of “Hold” and an average target price of $235.68.

Biogen Stock Performance

BIIB stock opened at $152.21 on Thursday. The stock has a market capitalization of $22.18 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 1.74 and a beta of -0.08. The stock’s fifty day moving average is $160.20 and its two-hundred day moving average is $190.34. Biogen has a 1 year low of $145.07 and a 1 year high of $264.58. 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 (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion for 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 revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.36 EPS. On average, research analysts predict that Biogen will post 16.43 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Everence Capital Management Inc. lifted its position in shares of Biogen by 56.3% during the 4th quarter. Everence Capital Management Inc. now owns 4,360 shares of the biotechnology company’s stock worth $667,000 after buying an additional 1,570 shares during the period. Centre Asset Management LLC raised its holdings in shares of Biogen by 7.7% in the fourth quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock valued at $7,880,000 after buying an additional 3,698 shares during the last quarter. Versant Capital Management Inc lifted its position in Biogen by 228.7% during the 4th quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock worth $61,000 after buying an additional 279 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Biogen by 3.2% during the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after purchasing an additional 5,270 shares during the last quarter. Finally, Exome Asset Management LLC bought a new position in Biogen in the 3rd quarter valued at $2,573,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.