Biogen (NASDAQ:BIIB) Shares Down 6.8% After Analyst Downgrade

Biogen Inc. (NASDAQ:BIIB)’s share price traded down 6.8% during mid-day trading on Wednesday after Bank Of America (Bofa) lowered their price target on the stock from $178.00 to $163.00. Bank Of America (Bofa) currently has a neutral rating on the stock. Biogen traded as low as $128.51 and last traded at $129.86. 973,287 shares changed hands during trading, a decline of 24% from the average session volume of 1,281,038 shares. The stock had previously closed at $139.39.

Several other analysts have also recently commented on BIIB. TD Cowen decreased their target price on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Jefferies Financial Group downgraded shares of Biogen from a “buy” rating to a “hold” rating and cut their target price for the stock from $250.00 to $180.00 in a research report on Monday, December 9th. JPMorgan Chase & Co. dropped their price target on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Piper Sandler cut Biogen from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $315.00 to $138.00 in a research report on Thursday, January 2nd. Finally, StockNews.com lowered Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Seventeen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $221.65.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. denkapparat Operations GmbH bought a new position in Biogen during the 4th quarter valued at about $248,000. Norges Bank acquired a new stake in shares of Biogen during the fourth quarter worth approximately $355,569,000. Blair William & Co. IL raised its stake in shares of Biogen by 7.4% in the fourth quarter. Blair William & Co. IL now owns 13,049 shares of the biotechnology company’s stock valued at $1,996,000 after acquiring an additional 894 shares during the last quarter. NEOS Investment Management LLC grew its position in Biogen by 18.4% during the 4th quarter. NEOS Investment Management LLC now owns 17,624 shares of the biotechnology company’s stock worth $2,695,000 after acquiring an additional 2,740 shares during the last quarter. Finally, Sava Infond d.o.o. acquired a new stake in Biogen during the 4th quarter valued at $252,000. 87.93% of the stock is owned by institutional investors.

Biogen Stock Down 6.4 %

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 company has a market cap of $19.02 billion, a P/E ratio of 11.79, a PEG ratio of 1.65 and a beta of -0.08. The firm has a fifty day moving average price of $148.28 and a 200 day moving average price of $174.33.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Equities research analysts forecast that Biogen Inc. will post 16.42 earnings per share for the current year.

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.