Biogen (NASDAQ:BIIB) Earns Neutral Rating from Analysts at Citigroup

Investment analysts at Citigroup started coverage on shares of Biogen (NASDAQ:BIIB) in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The firm set a “neutral” rating and a $190.00 price target on the biotechnology company’s stock. Citigroup’s target price would indicate a potential upside of 14.60% from the company’s previous close.

A number of other research analysts have also recently weighed in on BIIB. Oppenheimer cut their price objective 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. TD Cowen reduced their price target on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Morgan Stanley lowered Biogen from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $285.00 to $204.00 in a report on Thursday, October 31st. Truist Financial reaffirmed a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Finally, UBS Group dropped their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Eleven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $258.72.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $165.79 on Thursday. The stock has a market cap of $24.16 billion, a price-to-earnings ratio of 14.98, a PEG ratio of 1.60 and a beta of -0.06. Biogen has a 12 month low of $165.53 and a 12 month high of $268.30. The company has a 50 day simple moving average of $188.32 and a two-hundred day simple moving average of $208.37. 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 quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping 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 the consensus estimate of $2.43 billion. During the same period last year, the firm earned $4.36 EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, analysts predict that Biogen will post 16.4 earnings per share for the current year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

Large investors have recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. raised its position in shares of Biogen by 2.4% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,295 shares of the biotechnology company’s stock worth $711,000 after acquiring an additional 76 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares in the last quarter. Blair William & Co. IL lifted its position in shares of Biogen by 9.6% during the 1st quarter. Blair William & Co. IL now owns 12,867 shares of the biotechnology company’s stock worth $2,775,000 after buying an additional 1,132 shares during the last quarter. Nwam LLC boosted its holdings in shares of Biogen by 6.3% in the 1st quarter. Nwam LLC now owns 1,324 shares of the biotechnology company’s stock valued at $290,000 after buying an additional 78 shares in the last quarter. Finally, Motco grew its position in shares of Biogen by 21,900.0% in the 1st quarter. Motco now owns 220 shares of the biotechnology company’s stock valued at $47,000 after buying an additional 219 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.