Biogen (NASDAQ:BIIB) Downgraded to Hold Rating by Needham & Company LLC

Needham & Company LLC lowered shares of Biogen (NASDAQ:BIIB) from a buy rating to a hold rating in a research report report published on Monday morning, MarketBeat.com reports. They currently have $270.00 price target on the biotechnology company’s stock.

Other analysts have also recently issued reports about the stock. Barclays reduced their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Mizuho decreased their target price on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Morgan Stanley lowered Biogen from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $285.00 to $204.00 in a report on Thursday, October 31st. BMO Capital Markets cut their price target on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, HC Wainwright restated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a research note on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $258.96.

Biogen Stock Down 1.3 %

Shares of Biogen stock opened at $157.94 on Monday. The stock has a 50-day simple moving average of $185.16 and a 200-day simple moving average of $206.88. Biogen has a 52-week low of $157.40 and a 52-week high of $268.30. The firm has a market cap of $23.02 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 1.52 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 (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business earned $4.36 EPS. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts expect that Biogen will post 16.42 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated 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 represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

Institutional investors have recently modified their holdings of the stock. Plato Investment Management Ltd raised 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 worth $25,000 after purchasing an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Biogen during the second quarter valued at $33,000. Ashton Thomas Securities LLC bought a new position in Biogen in the third quarter valued at about $33,000. EntryPoint Capital LLC acquired a new stake in Biogen in the first quarter worth about $36,000. Finally, Versant Capital Management Inc raised its holdings in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the last quarter. 87.93% of the stock is 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.