Biogen (NASDAQ:BIIB) Rating Lowered to Hold at Needham & Company LLC

Biogen (NASDAQ:BIIB) was downgraded by equities research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued on Monday, Marketbeat reports. They presently have a $270.00 price objective on the biotechnology company’s stock. Needham & Company LLC’s target price points to a potential upside of 73.71% from the stock’s previous close.

Several other research analysts also recently commented on BIIB. Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $285.00 to $204.00 in a research note on Thursday, October 31st. Royal Bank of Canada decreased their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. JPMorgan Chase & Co. lowered their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, November 4th. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Finally, Truist Financial reiterated a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Thirteen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $258.96.

Biogen Stock Down 1.6 %

Shares of NASDAQ BIIB opened at $155.43 on Monday. Biogen has a 1 year low of $155.28 and a 1 year high of $268.30. The firm has a 50-day simple moving average of $184.26 and a two-hundred day simple moving average of $206.44. The company has a market cap of $22.65 billion, a P/E ratio of 14.04, a PEG ratio of 1.52 and a beta of -0.06. 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 (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.36 earnings per share. Research analysts anticipate that Biogen will post 16.42 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the 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 transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Biogen

A number of hedge funds and other institutional investors have recently made changes to their positions in BIIB. Plato Investment Management Ltd raised its position in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the period. Itau Unibanco Holding S.A. purchased a new position in Biogen during the second quarter worth approximately $33,000. Versant Capital Management Inc grew its holdings in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of Biogen in the first quarter valued at approximately $36,000. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Biogen during the 3rd quarter worth approximately $33,000. Institutional investors and hedge funds 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.