Biogen (NASDAQ:BIIB) Downgraded by StockNews.com to Buy

Biogen (NASDAQ:BIIB) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

BIIB has been the topic of a number of other reports. UBS Group reduced their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. JPMorgan Chase & Co. dropped their target price on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Robert W. Baird increased their price target on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. HC Wainwright reiterated a “buy” rating and set a $300.00 target price on shares of Biogen in a research report on Thursday, October 31st. Finally, Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $285.00 to $204.00 in a report on Thursday, October 31st. Sixteen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $242.68.

Biogen Stock Up 0.9 %

Shares of NASDAQ:BIIB opened at $151.31 on Friday. The business has a fifty day simple moving average of $163.42 and a 200 day simple moving average of $192.56. Biogen has a 12-month low of $145.07 and a 12-month high of $268.30. The firm has a market cap of $22.05 billion, a P/E ratio of 13.67, a P/E/G ratio of 1.83 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (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 during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the company earned $4.36 earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. Analysts predict that Biogen will post 16.43 earnings per share for the current year.

Hedge Funds Weigh In On Biogen

A number of large investors have recently modified their holdings of the company. International Assets Investment Management LLC grew its position in Biogen by 19,722.9% during the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after acquiring an additional 357,181 shares during the last quarter. Mizuho Securities USA LLC boosted its stake in shares of Biogen by 2,715.9% in the 3rd quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock valued at $61,253,000 after purchasing an additional 304,778 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of Biogen during the 3rd quarter valued at $55,826,000. State Street Corp raised its position in Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after purchasing an additional 248,942 shares during the period. Finally, Two Sigma Advisers LP lifted its stake in Biogen by 122.1% in the third quarter. Two Sigma Advisers LP now owns 427,600 shares of the biotechnology company’s stock worth $82,886,000 after purchasing an additional 235,100 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

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.