Biogen (NASDAQ:BIIB) Reaches New 12-Month Low – Here’s Why

Biogen Inc. (NASDAQ:BIIB) shares hit a new 52-week low during trading on Friday . The company traded as low as $153.37 and last traded at $153.48, with a volume of 38747 shares traded. The stock had previously closed at $155.33.

Analysts Set New Price Targets

Several brokerages recently commented on BIIB. Wedbush dropped their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective on the stock. in a research note on Monday, November 18th. Royal Bank of Canada decreased their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Barclays lowered their price target on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Mizuho cut their price objective on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a report on Thursday, November 21st. Fourteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $248.25.

Biogen Stock Down 3.4 %

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’s 50-day moving average price is $171.21 and its 200 day moving average price is $198.27. The firm has a market cap of $21.86 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The firm 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%. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.36 EPS. As a group, research analysts expect that Biogen Inc. will post 16.43 earnings per share for the current year.

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Biogen by 1.1% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock valued at $1,419,000 after acquiring an additional 64 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Biogen by 6.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,513 shares of the biotechnology company’s stock valued at $814,000 after purchasing an additional 218 shares during the last quarter. Blue Trust Inc. boosted its holdings in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares in the last quarter. Raymond James & Associates grew its position in Biogen by 10.4% in the second quarter. Raymond James & Associates now owns 185,681 shares of the biotechnology company’s stock worth $43,045,000 after buying an additional 17,557 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Biogen by 3.3% in the second quarter. Nisa Investment Advisors LLC now owns 56,528 shares of the biotechnology company’s stock valued at $13,104,000 after buying an additional 1,820 shares in the last quarter. 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.