Biogen Inc. (NASDAQ:BIIB – Get Free Report) hit a new 52-week low on Thursday after Robert W. Baird lowered their price target on the stock from $333.00 to $316.00. Robert W. Baird currently has an outperform rating on the stock. Biogen traded as low as $220.56 and last traded at $222.80, with a volume of 100921 shares. The stock had previously closed at $220.74.
A number of other research firms have also issued reports on BIIB. Raymond James upgraded shares of Biogen from a “market perform” rating to an “outperform” rating and set a $283.00 target price on the stock in a report on Thursday, December 7th. Wedbush boosted their price target on Biogen from $239.00 to $245.00 and gave the company a “neutral” rating in a report on Monday. Piper Sandler cut their price target on Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $311.00 price target on shares of Biogen in a report on Wednesday, December 20th. Finally, StockNews.com upgraded Biogen from a “hold” rating to a “buy” rating in a report on Monday. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $309.44.
Insider Activity
In related news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.60% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the business. Horizon Bancorp Inc. IN raised its holdings in Biogen by 128.2% in the second quarter. Horizon Bancorp Inc. IN now owns 89 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 50 shares in the last quarter. Altshuler Shaham Ltd bought a new stake in Biogen in the fourth quarter valued at about $25,000. OFI Invest Asset Management bought a new stake in Biogen in the third quarter valued at about $26,000. Gladius Capital Management LP acquired a new position in Biogen in the third quarter worth $28,000. Finally, KB Financial Partners LLC boosted its holdings in Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 62 shares during the period. Hedge funds and other institutional investors own 85.99% of the company’s stock.
Biogen Trading Up 0.7 %
The stock has a market cap of $32.20 billion and a price-to-earnings ratio of 21.94. The business’s fifty day simple moving average is $249.52 and its 200 day simple moving average is $251.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.68 and a quick ratio of 1.09.
Biogen (NASDAQ:BIIB – Get Free Report) last issued its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 16.40% and a net margin of 14.63%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period in the prior year, the business earned $4.05 EPS. On average, research analysts predict that Biogen Inc. will post 14.97 EPS for the current year.
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 offers 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.