Biogen (NASDAQ:BIIB) Lowered to “Neutral” Rating by Piper Sandler

Piper Sandler cut shares of Biogen (NASDAQ:BIIB) from an overweight rating to a neutral rating in a research note issued to investors on Thursday morning, Marketbeat reports. They currently have $138.00 target price on the biotechnology company’s stock, down from their prior target price of $315.00.

A number of other research analysts have also issued reports on the company. Mizuho decreased their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research report on Thursday, November 21st. Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective on the stock. in a report on Monday, November 18th. UBS Group cut their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Morgan Stanley lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $285.00 to $204.00 in a research note on Thursday, October 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a report on Monday, September 9th. Seventeen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $235.68.

Biogen Stock Down 1.9 %

BIIB stock opened at $150.00 on Thursday. Biogen has a one year low of $145.07 and a one year high of $268.30. 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 firm’s fifty day moving average is $160.79 and its 200 day moving average is $190.86. The firm has a market cap of $21.86 billion, a PE ratio of 13.55, a P/E/G ratio of 1.74 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, beating analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the firm earned $4.36 EPS. On average, research analysts forecast that Biogen will post 16.43 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen in the 2nd quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in Biogen in the 3rd quarter valued at approximately $33,000. Venturi Wealth Management LLC increased its holdings in Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares during the last quarter. Rothschild Investment LLC purchased a new stake in Biogen in the second quarter valued at approximately $60,000. Finally, FSA Wealth Management LLC acquired a new position in Biogen during the third quarter worth $74,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

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.