Biogen (NASDAQ:BIIB) Hits New 1-Year Low – Here’s Why

Biogen Inc. (NASDAQ:BIIB) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $176.71 and last traded at $177.85, with a volume of 11971 shares traded. The stock had previously closed at $181.18.

Analysts Set New Price Targets

BIIB has been the subject of a number of research analyst reports. William Blair reissued an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Mizuho cut their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. UBS Group lowered their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. HC Wainwright reiterated a “buy” rating and set a $300.00 price target on shares of Biogen in a report on Thursday. Finally, Scotiabank lowered their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Ten analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $263.39.

Biogen Price Performance

The stock has a fifty day moving average of $193.92 and a 200-day moving average of $209.77. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $25.65 billion, a P/E ratio of 22.12, a PEG ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released 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. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the previous year, the business posted $4.36 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts predict that Biogen Inc. will post 16.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd grew its position in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of Biogen during the 2nd quarter worth about $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen during the 1st quarter worth about $36,000. Versant Capital Management Inc grew its position in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after buying an additional 85 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.