Biogen (NASDAQ:BIIB) Stock Price Down 6.8% After Analyst Downgrade

Biogen Inc. (NASDAQ:BIIB)’s share price traded down 6.8% on Wednesday after Bank Of America (Bofa) lowered their price target on the stock from $178.00 to $163.00. Bank Of America (Bofa) currently has a neutral rating on the stock. Biogen traded as low as $128.51 and last traded at $129.86. 973,287 shares changed hands during trading, a decline of 24% from the average session volume of 1,281,038 shares. The stock had previously closed at $139.39.

Other research analysts also recently issued research reports about the stock. Robert W. Baird upped their price objective on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. StockNews.com lowered shares of Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. William Blair reiterated an “outperform” rating on shares of Biogen in a report on Monday, January 13th. Mizuho dropped their price objective on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. Finally, Sanford C. Bernstein began coverage on Biogen in a research report on Tuesday. They issued a “market perform” rating and a $160.00 target price on the stock. Seventeen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $221.65.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently bought and sold shares of BIIB. Lee Danner & Bass Inc. purchased a new position in shares of Biogen during the 4th quarter valued at approximately $25,000. Larson Financial Group LLC raised its holdings in Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 141 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in Biogen during the 3rd quarter valued at $33,000. SRS Capital Advisors Inc. acquired a new position in Biogen during the 4th quarter worth $33,000. Finally, Venturi Wealth Management LLC increased its position in shares of Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 93 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Trading Down 4.3 %

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 business’s 50 day moving average price is $148.28 and its 200-day moving average price is $174.33. The firm has a market cap of $19.44 billion, a price-to-earnings ratio of 12.05, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Equities analysts expect that Biogen Inc. will post 16.42 EPS for the current year.

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.