Biogen (NASDAQ:BIIB) Rating Lowered to Market Perform at BMO Capital Markets

Biogen (NASDAQ:BIIB) was downgraded by BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued on Friday, Marketbeat Ratings reports. They presently have a $164.00 price objective on the biotechnology company’s stock, down from their prior price objective of $230.00. BMO Capital Markets’ price target suggests a potential upside of 11.97% from the stock’s current price.

Several other research firms also recently commented on BIIB. TD Cowen reduced their price target on shares of Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Citigroup started coverage on shares of Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 target price on the stock. Robert W. Baird boosted their price target on Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Wedbush dropped their price objective on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Finally, Jefferies Financial Group lowered Biogen from a “buy” rating to a “hold” rating and decreased their target price for the company from $250.00 to $180.00 in a research report on Monday, December 9th. Sixteen analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $242.68.

Biogen Stock Down 0.6 %

Shares of NASDAQ BIIB opened at $146.47 on Friday. Biogen has a 1 year low of $145.07 and a 1 year high of $268.30. The firm has a 50-day simple moving average of $167.48 and a two-hundred day simple moving average of $195.60. The company has a market cap of $21.34 billion, a P/E ratio of 13.23, a PEG ratio of 1.83 and a beta of -0.08. 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 issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the business posted $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. Research analysts anticipate that Biogen will post 16.43 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. increased its holdings in shares of Biogen by 249.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 127 shares during the period. Fifth Third Bancorp raised its position in Biogen by 18.5% during the 2nd quarter. Fifth Third Bancorp now owns 3,536 shares of the biotechnology company’s stock worth $820,000 after buying an additional 551 shares during the last quarter. &PARTNERS acquired a new stake in Biogen during the 2nd quarter valued at approximately $291,000. Retirement Systems of Alabama boosted its holdings in shares of Biogen by 0.4% in the 2nd quarter. Retirement Systems of Alabama now owns 32,117 shares of the biotechnology company’s stock valued at $7,445,000 after acquiring an additional 136 shares during the last quarter. Finally, Hills Bank & Trust Co increased its stake in shares of Biogen by 4.9% in the second quarter. Hills Bank & Trust Co now owns 4,350 shares of the biotechnology company’s stock worth $1,008,000 after acquiring an additional 202 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.