Biogen (NASDAQ:BIIB) Hits New 12-Month Low at $188.78

Biogen Inc. (NASDAQ:BIIB) shares hit a new 52-week low on Wednesday . The company traded as low as $188.78 and last traded at $189.07, with a volume of 1505930 shares changing hands. The stock had previously closed at $194.12.

Analyst Upgrades and Downgrades

BIIB has been the topic of several recent analyst reports. Scotiabank dropped their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Wells Fargo & Company cut their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. William Blair restated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Piper Sandler cut their price target on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $292.00 price objective on shares of Biogen in a research note on Thursday, September 19th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $275.30.

Biogen Price Performance

The company’s 50 day simple moving average is $206.18 and its 200-day simple moving average is $214.61. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $27.54 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 1.97 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. Biogen’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company earned $4.02 EPS. On average, equities research analysts predict that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of large investors have recently bought and sold shares of the stock. Plato Investment Management Ltd lifted its stake in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Livelsberger Financial Advisory purchased a new position in Biogen in the fourth quarter valued at approximately $26,000. Rise Advisors LLC acquired a new position in Biogen during the first quarter valued at approximately $27,000. Itau Unibanco Holding S.A. purchased a new stake in Biogen during the second quarter worth approximately $33,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of Biogen in the first quarter worth $36,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.