Biogen (NASDAQ:BIIB) Upgraded by Citigroup to “Hold” Rating

Citigroup upgraded shares of Biogen (NASDAQ:BIIB) to a hold rating in a research report sent to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also recently issued reports on BIIB. BMO Capital Markets reduced their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Wedbush dropped their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. UBS Group dropped their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Mizuho dropped their target price on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Finally, Truist Financial reiterated a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Twelve research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Stock Performance

Shares of NASDAQ:BIIB traded down $4.69 during trading on Wednesday, hitting $160.20. 755,907 shares of the company were exchanged, compared to its average volume of 1,164,321. The company has a market cap of $23.34 billion, a PE ratio of 14.78, a P/E/G ratio of 1.57 and a beta of -0.06. The stock has a 50 day moving average of $186.80 and a 200 day moving average of $207.77. Biogen has a 52-week low of $160.07 and a 52-week high of $268.30. 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 released 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 for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.36 earnings per share. As a group, equities research analysts predict that Biogen will post 16.4 EPS for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Plato Investment Management Ltd boosted its holdings in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Biogen during the 2nd quarter valued at about $33,000. Ashton Thomas Securities LLC purchased a new stake in shares of Biogen during the 3rd quarter valued at about $33,000. EntryPoint Capital LLC purchased a new stake in shares of Biogen during the 1st quarter valued at about $36,000. Finally, Versant Capital Management Inc raised its position in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.