Biogen (NASDAQ:BIIB) Hits New 12-Month Low – Here’s Why

Biogen Inc. (NASDAQ:BIIB)’s stock price reached a new 52-week low during trading on Thursday . The stock traded as low as $146.57 and last traded at $146.79, with a volume of 1494882 shares trading hands. The stock had previously closed at $150.64.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BIIB. HC Wainwright reissued a “buy” rating and issued a $300.00 price objective on shares of Biogen in a research report on Thursday, October 31st. JPMorgan Chase & Co. cut their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Barclays decreased their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Robert W. Baird lifted their price target on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Finally, Jefferies Financial Group lowered Biogen from a “buy” rating to a “hold” rating and decreased their price objective for the company from $250.00 to $180.00 in a report on Monday, December 9th. Sixteen research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $242.68.

Biogen Trading Down 0.6 %

The firm’s 50 day simple moving average is $167.48 and its two-hundred day simple moving average is $195.87. The stock has a market capitalization of $21.34 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.83 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company posted $4.36 EPS. As a group, analysts forecast that Biogen Inc. will post 16.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biogen

A number of large investors have recently modified their holdings of BIIB. Blue Trust Inc. lifted its position in Biogen by 249.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 127 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Biogen by 18.5% in the second quarter. Fifth Third Bancorp now owns 3,536 shares of the biotechnology company’s stock valued at $820,000 after purchasing an additional 551 shares in the last quarter. &PARTNERS purchased a new position in shares of Biogen during the second quarter valued at approximately $291,000. Retirement Systems of Alabama grew its holdings in Biogen by 0.4% during the second quarter. Retirement Systems of Alabama now owns 32,117 shares of the biotechnology company’s stock worth $7,445,000 after buying an additional 136 shares in the last quarter. Finally, Hills Bank & Trust Co raised its position in Biogen by 4.9% in the 2nd quarter. Hills Bank & Trust Co now owns 4,350 shares of the biotechnology company’s stock valued at $1,008,000 after buying an additional 202 shares during the last quarter. 87.93% of the stock is currently 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.