Biogen (NASDAQ:BIIB) Cut to Buy at StockNews.com

StockNews.com downgraded shares of Biogen (NASDAQ:BIIB) from a strong-buy rating to a buy rating in a report released on Wednesday.

Several other equities analysts also recently weighed in on BIIB. Bank of America reiterated a “neutral” rating and set a $178.00 target price on shares of Biogen in a research report on Tuesday. Wolfe Research started coverage on Biogen in a research report on Friday, November 15th. They set a “peer perform” rating on the stock. Oppenheimer lowered their target price on Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. TD Cowen lowered their target price on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Royal Bank of Canada lowered their target price on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and an average target price of $249.80.

Biogen Stock Performance

Shares of BIIB opened at $150.03 on Wednesday. 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 has a one year low of $149.93 and a one year high of $268.30. The firm has a market capitalization of $21.86 billion, a P/E ratio of 13.55, a PEG ratio of 1.83 and a beta of -0.08. The business has a fifty day moving average of $171.21 and a 200 day moving average of $198.41.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS 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 company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the company posted $4.36 earnings per share. Biogen’s revenue was down 2.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Biogen will post 16.43 EPS for the current year.

Institutional Investors Weigh In On Biogen

Several large investors have recently added to or reduced their stakes in BIIB. Itau Unibanco Holding S.A. bought a new stake in Biogen during the second quarter worth approximately $33,000. Ashton Thomas Securities LLC bought a new position in shares of Biogen during the third quarter valued at approximately $33,000. Blue Trust Inc. grew its stake in shares of Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 127 shares during the last quarter. First Horizon Advisors Inc. increased its stake in Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in shares of Biogen by 73.8% during the third 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. 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.