Biogen (NASDAQ:BIIB) Downgraded to Neutral Rating by Piper Sandler

Biogen (NASDAQ:BIIB) was downgraded by research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued on Thursday, Marketbeat Ratings reports. They currently have a $138.00 target price on the biotechnology company’s stock, down from their prior target price of $315.00. Piper Sandler’s target price would suggest a potential downside of 9.76% from the company’s previous close.

Several other equities research analysts have also recently commented on BIIB. Wedbush dropped 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. TD Cowen cut their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. JPMorgan Chase & Co. lowered their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Bank of America reissued a “neutral” rating and issued a $178.00 price target on shares of Biogen in a report on Tuesday, December 10th. Finally, Stifel Nicolaus cut shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective on the stock. in a research note on Monday, December 16th. Seventeen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Biogen presently has a consensus rating of “Hold” and a consensus target price of $235.68.

Biogen Stock Up 1.8 %

Shares of Biogen stock opened at $152.92 on Thursday. 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 1-year low of $145.07 and a 1-year high of $268.30. The business’s fifty day moving average price is $161.47 and its two-hundred day moving average price is $191.15. The company has a market capitalization of $22.28 billion, a P/E ratio of 13.81, a PEG ratio of 1.74 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data 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 business 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.36 earnings per share. As a group, research analysts forecast that Biogen will post 16.43 EPS for the current year.

Institutional Trading of Biogen

Large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in Biogen by 3.2% during the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after buying an additional 5,270 shares in the last quarter. Exome Asset Management LLC acquired a new stake in Biogen in the 3rd quarter worth approximately $2,573,000. Oddo BHF Asset Management Sas bought a new stake in Biogen during the third quarter worth approximately $1,383,000. Inspire Trust Co. N.A. raised its position in shares of Biogen by 58.5% in the third quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company’s stock valued at $2,113,000 after purchasing an additional 4,025 shares during the period. Finally, Synovus Financial Corp lifted its stake in shares of Biogen by 6.0% in the third quarter. Synovus Financial Corp now owns 14,462 shares of the biotechnology company’s stock worth $2,803,000 after buying an additional 821 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

About Biogen

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.