Biogen (NASDAQ:BIIB) Sets New 52-Week Low – What’s Next?

Shares of Biogen Inc. (NASDAQ:BIIB) reached a new 52-week low on Tuesday . The company traded as low as $139.48 and last traded at $140.39, with a volume of 333131 shares. The stock had previously closed at $142.54.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BIIB shares. JPMorgan Chase & Co. lowered their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Piper Sandler lowered shares of Biogen from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $315.00 to $138.00 in a report on Thursday, January 2nd. Citigroup lowered their price objective on Biogen from $190.00 to $160.00 and set a “neutral” rating for the company in a research note on Tuesday, January 28th. Wells Fargo & Company lowered their price objective on Biogen from $190.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, January 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $300.00 price target on shares of Biogen in a research report on Thursday, October 31st. Seventeen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $226.15.

Biogen Trading Down 2.4 %

The stock’s 50 day simple moving average is $148.71 and its 200 day simple moving average is $174.84. The firm has a market cap of $20.27 billion, a PE ratio of 12.61, a PEG ratio of 1.65 and a beta of -0.08. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Institutional Trading of Biogen

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp boosted its holdings in Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after acquiring an additional 248,942 shares during the period. Geode Capital Management LLC raised its position in shares of Biogen by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after acquiring an additional 47,055 shares in the last quarter. Pacer Advisors Inc. lifted its position in Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after buying an additional 2,648,024 shares during the period. Amundi lifted its position in Biogen by 35.6% during the 4th quarter. Amundi now owns 1,216,990 shares of the biotechnology company’s stock valued at $183,461,000 after acquiring an additional 319,478 shares during the period. Finally, RA Capital Management L.P. lifted its holdings in shares of Biogen by 20.6% during the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after purchasing an additional 202,317 shares during the last quarter. Hedge funds and other 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.