Biogen (NASDAQ:BIIB) Cut to Buy at StockNews.com

StockNews.com cut shares of Biogen (NASDAQ:BIIB) from a strong-buy rating to a buy rating in a report issued on Saturday morning.

Several other brokerages have also issued reports on BIIB. Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a report on Monday, September 9th. JPMorgan Chase & Co. dropped their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Citigroup started coverage on Biogen in a research note on Thursday, November 14th. They set a “neutral” rating and a $190.00 price objective on the stock. Wolfe Research initiated coverage on shares of Biogen in a report on Friday, November 15th. They set a “peer perform” rating for the company. Finally, TD Cowen dropped their target price on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Sixteen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $242.68.

Biogen Trading Down 0.7 %

Shares of NASDAQ:BIIB opened at $150.19 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The company has a 50-day simple moving average of $162.73 and a 200 day simple moving average of $191.97. The company has a market capitalization of $21.89 billion, a P/E ratio of 13.57, a price-to-earnings-growth ratio of 1.74 and a beta of -0.08. Biogen has a 52-week low of $145.07 and a 52-week high of $268.30.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates 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 company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $4.36 EPS. Sell-side analysts forecast that Biogen will post 16.43 earnings per share for the current year.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently made changes to their positions in the stock. Primecap Management Co. CA boosted its position in shares of Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares in the last quarter. State Street Corp increased its position in shares of Biogen by 3.5% in the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after purchasing an additional 248,942 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Biogen by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after buying an additional 47,055 shares in the last quarter. RA Capital Management L.P. grew its position in Biogen by 20.6% during the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock worth $229,595,000 after acquiring an additional 202,317 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Biogen by 1.7% during 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 period. 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.