Biogen (NASDAQ:BIIB) Stock Rating Lowered by StockNews.com

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

A number of other equities research analysts have also recently commented on BIIB. Needham & Company LLC cut shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target for the company. in a report on Monday, November 18th. Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. BMO Capital Markets cut their price target on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. HC Wainwright reiterated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a report on Thursday, October 31st. Finally, Bank of America reiterated a “neutral” rating and issued a $178.00 price objective on shares of Biogen in a report on Tuesday. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $249.80.

Biogen Price Performance

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

Biogen (NASDAQ:BIIB) last released its quarterly 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 company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.36 earnings per share. On average, equities analysts anticipate that Biogen will post 16.44 EPS for the current year.

Institutional Trading of Biogen

A number of large investors have recently made changes to their positions in the company. Primecap Management Co. CA raised its position in Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after acquiring an additional 117,578 shares in the last quarter. State Street Corp grew its stake in Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after buying an additional 248,942 shares during the period. Geode Capital Management LLC raised its stake in shares of Biogen by 1.3% during the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares during the period. RA Capital Management L.P. raised its position in shares of Biogen by 20.6% in the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after purchasing an additional 202,317 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Biogen by 1.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after buying an additional 18,905 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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.