Biogen (NASDAQ:BIIB) Sets New 1-Year Low – What’s Next?

Biogen Inc. (NASDAQ:BIIB) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $146.57 and last traded at $146.79, with a volume of 1494882 shares trading hands. The stock had previously closed at $150.64.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target for the company. in a research note on Monday, November 18th. Citigroup initiated coverage on shares of Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 target price for the company. JPMorgan Chase & Co. reduced their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Mizuho dropped their price objective on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. Finally, Wedbush reduced their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Sixteen analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $242.68.

Biogen Price Performance

The firm has a market cap of $21.34 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.83 and a beta of -0.08. The company’s fifty day moving average is $167.48 and its 200 day moving average is $195.87. 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 data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.36 EPS. On average, equities research analysts predict that Biogen Inc. will post 16.43 EPS for the current year.

Hedge Funds Weigh In On Biogen

Hedge funds and other institutional investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new stake in Biogen in the second quarter valued at $33,000. Ashton Thomas Securities LLC acquired a new stake in Biogen in the 3rd quarter valued at about $33,000. Blue Trust Inc. grew its holdings in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 127 shares during the period. Venturi Wealth Management LLC increased its position in 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 buying an additional 93 shares during the last quarter. Finally, McClarren Financial Advisors Inc. lifted its position in shares of Biogen by 11,450.0% in 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 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.