Biogen (NASDAQ:BIIB) Lowered to Hold Rating by Jefferies Financial Group

Jefferies Financial Group cut shares of Biogen (NASDAQ:BIIB) from a buy rating to a hold rating in a research note issued to investors on Monday, MarketBeat reports. The brokerage currently has $180.00 price target on the biotechnology company’s stock, down from their prior price target of $250.00.

BIIB has been the subject of several other reports. Royal Bank of Canada dropped their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Wedbush dropped their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price on the stock. in a report on Monday, November 18th. Finally, Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $285.00 to $204.00 in a report on Thursday, October 31st. Fourteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Biogen presently has a consensus rating of “Moderate Buy” and a consensus target price of $253.08.

Biogen Trading Down 0.8 %

BIIB stock opened at $156.46 on Monday. Biogen has a one year low of $153.62 and a one year high of $268.30. The stock has a market cap of $22.80 billion, a price-to-earnings ratio of 14.13, a price-to-earnings-growth ratio of 1.49 and a beta of -0.08. The company has a fifty day moving average price of $173.83 and a two-hundred day moving average price of $199.92. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The company 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 prior year, the business earned $4.36 earnings per share. Equities analysts anticipate that Biogen will post 16.44 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA lifted its stake in shares of Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after buying an additional 117,578 shares in the last quarter. State Street Corp raised its holdings in shares of Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after acquiring an additional 248,942 shares during the last quarter. Geode Capital Management LLC lifted its position in Biogen by 1.3% in 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 acquiring an additional 47,055 shares in the last quarter. RA Capital Management L.P. increased its holdings 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 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% during the 3rd 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 worth $223,438,000 after purchasing an additional 18,905 shares in the last quarter. 87.93% of the stock is 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.