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

Shares of Biogen Inc. (NASDAQ:BIIB) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $170.70 and last traded at $171.10, with a volume of 51835 shares. The stock had previously closed at $172.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on BIIB shares. Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $285.00 to $204.00 in a research report on Thursday, October 31st. Mizuho dropped their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Wells Fargo & Company lowered their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Wedbush cut their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $261.58.

Biogen Stock Down 1.5 %

The firm has a market capitalization of $24.16 billion, a PE ratio of 14.98, a P/E/G ratio of 1.60 and a beta of -0.06. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm’s 50 day moving average price is $188.32 and its two-hundred day moving average price is $208.37.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the company posted $4.36 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, research analysts forecast that Biogen Inc. will post 16.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related 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 value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Biogen

Large investors have recently modified their holdings of the stock. First Horizon Advisors Inc. raised its stake in Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares in the last quarter. QRG Capital Management Inc. increased its holdings in shares of Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after acquiring an additional 51 shares during the last quarter. Plato Investment Management Ltd raised its position 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 acquiring an additional 53 shares in the last quarter. Jacobi Capital Management LLC lifted its stake in Biogen by 3.4% during the first quarter. Jacobi Capital Management LLC now owns 1,664 shares of the biotechnology company’s stock worth $359,000 after purchasing an additional 55 shares during the last quarter. Finally, CWM LLC boosted its holdings in Biogen by 1.7% in the second quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock worth $873,000 after purchasing an additional 62 shares during the period. Institutional investors own 87.93% of the company’s stock.

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.