Biogen (NASDAQ:BIIB) Rating Increased to Hold at Citigroup

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

BIIB has been the topic of a number of other reports. Wedbush lowered their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Morgan Stanley lowered Biogen from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $285.00 to $204.00 in a research note on Thursday, October 31st. Mizuho reduced their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Truist Financial reaffirmed a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. Finally, Raymond James restated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Twelve analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average price target of $258.96.

Biogen Stock Performance

Shares of BIIB traded down $4.69 on Wednesday, reaching $160.20. 755,907 shares of the stock traded hands, compared to its average volume of 1,164,321. The firm has a market cap of $23.34 billion, a price-to-earnings ratio of 14.78, a P/E/G ratio of 1.57 and a beta of -0.06. 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 has a 12 month low of $160.07 and a 12 month high of $268.30. The stock’s 50-day moving average price is $186.80 and its 200-day moving average price is $207.77.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results 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 return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the business posted $4.36 earnings per share. The business’s revenue was down 2.5% compared to the same quarter last year. Equities analysts forecast that Biogen will post 16.4 EPS for the current fiscal 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 stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several hedge funds have recently modified their holdings of BIIB. First Horizon Advisors Inc. lifted its stake in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the period. QRG Capital Management Inc. increased its position in 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 buying an additional 51 shares in the last quarter. Plato Investment Management Ltd increased its position in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares in the last quarter. Jacobi Capital Management LLC increased its position in Biogen by 3.4% in the 1st quarter. Jacobi Capital Management LLC now owns 1,664 shares of the biotechnology company’s stock valued at $359,000 after buying an additional 55 shares in the last quarter. Finally, CWM LLC increased its position in Biogen by 1.7% in the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after buying an additional 62 shares in the last quarter. Institutional investors and hedge funds 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.