Biogen (NASDAQ:BIIB) Earns Neutral Rating from Analysts at Citigroup

Citigroup began coverage on shares of Biogen (NASDAQ:BIIB) in a research report sent to investors on Thursday, Marketbeat Ratings reports. The firm issued a neutral rating and a $190.00 price target on the biotechnology company’s stock.

Other research analysts have also issued reports about the stock. Robert W. Baird dropped their price objective on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. TD Cowen decreased their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. BMO Capital Markets cut their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Wedbush reduced their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Twelve investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Stock Down 3.0 %

Shares of BIIB opened at $159.99 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The stock has a market capitalization of $23.31 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. Biogen has a 1 year low of $159.60 and a 1 year high of $268.30. The business’s 50 day simple moving average is $185.99 and its 200-day simple moving average is $207.38.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business earned $4.36 earnings per share. As a group, equities analysts expect that Biogen will post 16.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred 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 directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by company insiders.

Institutional Trading of Biogen

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Biogen by 15.0% in the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after purchasing an additional 2,163,068 shares during the last quarter. Primecap Management Co. CA increased its stake in Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after purchasing an additional 117,578 shares in the last quarter. State Street Corp increased its stake in Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after purchasing an additional 248,942 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Biogen by 1.3% in the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after buying an additional 47,055 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Biogen by 5.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after buying an additional 81,283 shares during the period. Hedge funds and other 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.