Biogen (NASDAQ:BIIB) Rating Lowered to Buy at StockNews.com

Biogen (NASDAQ:BIIB) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Wednesday.

Other analysts have also issued research reports about the stock. Oppenheimer cut their price objective on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target on the stock. in a report on Monday, November 18th. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 price target on shares of Biogen in a report on Monday, September 9th. Robert W. Baird increased their price target on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Finally, Mizuho lowered their price target 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 research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $249.80.

Biogen Trading Down 1.4 %

Shares of Biogen stock opened at $155.33 on Wednesday. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen has a 12-month low of $153.62 and a 12-month high of $268.30. The firm has a market capitalization of $22.63 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.49 and a beta of -0.08. The firm’s 50 day simple moving average is $172.51 and its two-hundred day simple moving average is $199.19.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.36 EPS. Analysts predict that Biogen will post 16.44 EPS for the current year.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently modified their holdings of BIIB. International Assets Investment Management LLC boosted its holdings in Biogen by 19,722.9% in the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after purchasing an additional 357,181 shares during the last quarter. Mizuho Securities USA LLC increased its holdings in shares of Biogen by 2,715.9% during the 3rd quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock worth $61,253,000 after buying an additional 304,778 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Biogen during the 3rd quarter worth approximately $55,826,000. State Street Corp increased its holdings in shares of Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after buying an additional 248,942 shares during the last quarter. Finally, Two Sigma Advisers LP increased its holdings in shares of Biogen by 122.1% during the 3rd quarter. Two Sigma Advisers LP now owns 427,600 shares of the biotechnology company’s stock worth $82,886,000 after buying an additional 235,100 shares during the last quarter. 87.93% of the stock is currently 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.