Biogen (NASDAQ:BIIB) Downgraded by BMO Capital Markets to Market Perform

Biogen (NASDAQ:BIIB) was downgraded by investment analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued on Friday,Finviz reports. They currently have a $164.00 price target on the biotechnology company’s stock, down from their previous price target of $230.00. BMO Capital Markets’ target price would indicate a potential upside of 11.27% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Barclays dropped their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. HC Wainwright reissued a “buy” rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, October 31st. StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 11th. Robert W. Baird boosted their price target on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Finally, Wedbush lowered their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. Sixteen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $242.68.

Biogen Stock Up 0.4 %

Shares of Biogen stock opened at $147.39 on Friday. The business has a 50-day moving average price of $168.32 and a 200 day moving average price of $196.45. Biogen has a fifty-two week low of $145.24 and a fifty-two week high of $268.30. The firm has a market cap of $21.48 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.83 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the company posted $4.36 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts forecast that Biogen will post 16.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biogen

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Itau Unibanco Holding S.A. acquired a new position in shares of Biogen in the second quarter worth about $33,000. Ashton Thomas Securities LLC purchased a new position in Biogen during the 3rd quarter worth approximately $33,000. Blue Trust Inc. raised its stake in Biogen by 249.0% during the 2nd 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. Venturi Wealth Management LLC boosted its position in shares of Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after buying an additional 93 shares during the period. Finally, McClarren Financial Advisors Inc. grew its holdings in shares of Biogen by 11,450.0% during the second quarter. McClarren Financial Advisors Inc. now owns 231 shares of the biotechnology company’s stock valued at $54,000 after buying an additional 229 shares in the last quarter. Institutional investors and hedge funds 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.