Biogen (NASDAQ:BIIB) Stock Rating Lowered by Needham & Company LLC

Biogen (NASDAQ:BIIB) was downgraded by equities research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a report released on Monday, MarketBeat Ratings reports. They presently have a $270.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 73.71% from the stock’s previous close.

BIIB has been the topic of a number of other research reports. HC Wainwright reissued a “buy” rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, October 31st. Citigroup assumed coverage on Biogen in a report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price target on the stock. Wedbush dropped their price objective on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $285.00 to $204.00 in a report on Thursday, October 31st. Finally, Scotiabank cut their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Trading Down 1.6 %

Shares of BIIB stock opened at $155.43 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market cap of $22.65 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 1.52 and a beta of -0.06. The business has a 50-day moving average price of $184.26 and a two-hundred day moving average price of $206.44. Biogen has a 12-month low of $155.28 and a 12-month high of $268.30.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the company posted $4.36 EPS. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts anticipate that Biogen will post 16.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently bought and sold shares of the business. Plato Investment Management Ltd increased its holdings in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in Biogen during the second quarter worth approximately $33,000. Ashton Thomas Securities LLC purchased a new stake in Biogen during the third quarter valued at approximately $33,000. EntryPoint Capital LLC bought a new stake in shares of Biogen in the 1st quarter valued at approximately $36,000. Finally, Versant Capital Management Inc lifted its stake in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares during the last quarter. Hedge funds and other institutional investors 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.