Biogen (NASDAQ:BIIB) Rating Lowered to “Neutral” at Piper Sandler

Biogen (NASDAQ:BIIB) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Thursday, MarketBeat.com reports. They currently have a $138.00 target price on the biotechnology company’s stock, down from their previous target price of $315.00. Piper Sandler’s target price would suggest a potential downside of 9.34% from the company’s previous close.

A number of other brokerages have also recently commented on BIIB. Jefferies Financial Group cut Biogen from a “buy” rating to a “hold” rating and decreased their price target for the stock from $250.00 to $180.00 in a research report on Monday, December 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 price objective on shares of Biogen in a report on Monday, September 9th. HC Wainwright reissued a “buy” rating and set a $300.00 target price on shares of Biogen in a report on Thursday, October 31st. Citigroup initiated coverage on Biogen in a research note on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price target for the company. Finally, Barclays reduced 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. Seventeen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Biogen presently has a consensus rating of “Hold” and an average price target of $235.68.

Biogen Stock Up 1.5 %

Biogen stock opened at $152.21 on Thursday. Biogen has a twelve month low of $145.07 and a twelve month high of $264.58. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $160.20 and a 200-day moving average of $190.34. The stock has a market capitalization of $22.18 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.74 and a beta of -0.08.

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 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 during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the company posted $4.36 EPS. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. On average, equities research analysts anticipate that Biogen will post 16.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

Institutional investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA boosted its position in Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares during the last quarter. State Street Corp increased its holdings in Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after acquiring an additional 248,942 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Biogen by 1.3% in the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares during the period. RA Capital Management L.P. raised its holdings in Biogen by 20.6% during the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after acquiring an additional 202,317 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Biogen by 1.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after purchasing an additional 18,905 shares during the period. 87.93% of the stock is owned by institutional investors.

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.