Biogen (NASDAQ:BIIB) Now Covered by Analysts at Citigroup

Citigroup began coverage on shares of Biogen (NASDAQ:BIIB) in a research report sent to investors on Thursday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $190.00 target price on the biotechnology company’s stock.

Other analysts have also issued reports about the company. Raymond James reissued a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Barclays decreased their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Wedbush lowered their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Oppenheimer decreased their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Finally, UBS Group decreased their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Twelve research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Trading Down 2.9 %

Shares of NASDAQ:BIIB traded down $4.82 during mid-day trading on Thursday, hitting $160.07. The stock had a trading volume of 1,343,915 shares, compared to its average volume of 1,166,970. The company has a market cap of $23.33 billion, a PE ratio of 14.78, a P/E/G ratio of 1.57 and a beta of -0.06. 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 company’s 50 day moving average is $186.80 and its 200-day moving average is $207.77. Biogen has a 12-month low of $159.60 and a 12-month high of $268.30.

Biogen (NASDAQ:BIIB) last issued 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 firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the company posted $4.36 earnings per share. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts predict that Biogen will post 16.4 EPS for the current year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. grew its holdings in Biogen by 2.4% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,295 shares of the biotechnology company’s stock worth $711,000 after acquiring an additional 76 shares in the last quarter. QRG Capital Management Inc. lifted its position in Biogen by 2.0% during the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after acquiring an additional 51 shares during the period. Blair William & Co. IL raised its stake in shares of Biogen by 9.6% in the first quarter. Blair William & Co. IL now owns 12,867 shares of the biotechnology company’s stock worth $2,775,000 after purchasing an additional 1,132 shares during the last quarter. Nwam LLC increased its holdings in Biogen by 6.3% in the 1st quarter. Nwam LLC now owns 1,324 shares of the biotechnology company’s stock worth $290,000 after buying an additional 78 shares during the period. Finally, Motco lifted its stake in Biogen by 21,900.0% during the 1st quarter. Motco now owns 220 shares of the biotechnology company’s stock valued at $47,000 after acquiring an additional 219 shares during the period. 87.93% of the stock is owned by hedge funds and other 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.