Biogen (NASDAQ:BIIB) Sets New 52-Week Low – Here’s Why

Biogen Inc. (NASDAQ:BIIB) hit a new 52-week low during trading on Friday . The stock traded as low as $181.25 and last traded at $181.40, with a volume of 1388307 shares. The stock had previously closed at $183.86.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BIIB. Raymond James restated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Truist Financial restated a “buy” rating and set a $302.00 target price (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Mizuho reduced their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Finally, Scotiabank reduced their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and a consensus price target of $271.39.

Biogen Stock Down 1.2 %

The company has a market cap of $26.45 billion, a P/E ratio of 22.95, a P/E/G ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The company’s 50-day moving average is $196.04 and its two-hundred day moving average is $210.47.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the business posted $4.02 EPS. As a group, equities analysts predict that Biogen Inc. will post 16.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the business’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 transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. KCM Investment Advisors LLC boosted its stake in shares of Biogen by 1.7% during the 1st quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after purchasing an additional 48 shares during the period. First Horizon Advisors Inc. increased its stake in Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the period. TFB Advisors LLC boosted its stake in shares of Biogen by 2.1% during the first quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after purchasing an additional 50 shares during the period. QRG Capital Management Inc. grew its holdings in shares of Biogen by 2.0% in the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd increased its stake in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the period. 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.