Biogen (NASDAQ:BIIB) Downgraded by BMO Capital Markets to Market Perform

BMO Capital Markets lowered shares of Biogen (NASDAQ:BIIB) from an outperform rating to a market perform rating in a report published on Friday morning, Marketbeat.com reports. They currently have $164.00 target price on the biotechnology company’s stock, down from their prior target price of $230.00.

BIIB has been the subject of a number of other reports. 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 research note on Monday, September 23rd. Needham & Company LLC cut shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a research report on Monday, November 18th. JPMorgan Chase & Co. decreased their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Finally, Bank of America reiterated a “neutral” rating and issued a $178.00 price target on shares of Biogen in a report on Tuesday, December 10th. Sixteen equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $242.68.

Biogen Stock Performance

NASDAQ:BIIB opened at $146.47 on Friday. The stock has a market capitalization of $21.34 billion, a P/E ratio of 13.23, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen has a 1 year low of $145.07 and a 1 year high of $268.30. The firm has a 50 day moving average of $167.48 and a 200-day moving average of $195.87.

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

Institutional Trading of Biogen

A number of institutional investors have recently made changes to their positions in BIIB. Blue Trust Inc. lifted its position in Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Biogen by 18.5% in the 2nd 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 during the period. &PARTNERS bought a new position in Biogen during the second quarter worth about $291,000. Retirement Systems of Alabama increased its position 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 during the last quarter. Finally, Hills Bank & Trust Co lifted its position in shares of Biogen by 4.9% in the second 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. 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.