Piper Sandler Downgrades Biogen (NASDAQ:BIIB) to Neutral

Piper Sandler downgraded shares of Biogen (NASDAQ:BIIB) from an overweight rating to a neutral rating in a research note issued to investors on Wednesday morning, Price Targets.com reports. The firm currently has $216.00 target price on the biotechnology company’s stock, down from their prior target price of $362.00. Piper Sandler also issued estimates for Biogen’s Q1 2022 earnings at $4.71 EPS, Q2 2022 earnings at $5.14 EPS, Q3 2022 earnings at $4.95 EPS, Q4 2022 earnings at $4.33 EPS, FY2022 earnings at $19.15 EPS, FY2023 earnings at $20.58 EPS, FY2024 earnings at $21.51 EPS and FY2025 earnings at $21.06 EPS.

BIIB has been the topic of a number of other reports. Wells Fargo & Company increased their price objective on shares of Biogen from $250.00 to $284.00 in a research report on Thursday, December 30th. Robert W. Baird reissued a neutral rating and issued a $258.00 price objective on shares of Biogen in a research report on Monday, January 3rd. Jefferies Financial Group reissued a buy rating on shares of Biogen in a research report on Monday, October 18th. Mizuho dropped their price objective on shares of Biogen from $300.00 to $270.00 and set a neutral rating on the stock in a research note on Tuesday, October 26th. Finally, UBS Group dropped their price objective on shares of Biogen from $390.00 to $335.00 in a research note on Monday, January 3rd. Seventeen analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $322.99.

Shares of NASDAQ BIIB opened at $239.30 on Wednesday. The firm’s 50-day moving average price is $243.57 and its 200-day moving average price is $290.04. The company has a current ratio of 1.70, a quick ratio of 1.38 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $35.15 billion, a price-to-earnings ratio of 23.41, a P/E/G ratio of 1.20 and a beta of 0.44. Biogen has a 12-month low of $217.10 and a 12-month high of $468.55.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, October 19th. The biotechnology company reported $4.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.09 by $0.68. The firm had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Biogen had a net margin of 13.93% and a return on equity of 28.36%. The business’s revenue was down 17.7% compared to the same quarter last year. During the same period in the prior year, the company earned $8.84 EPS. On average, equities analysts predict that Biogen will post 19.18 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of BIIB. Banque Pictet & Cie SA raised its stake in shares of Biogen by 49.2% in the 3rd quarter. Banque Pictet & Cie SA now owns 22,262 shares of the biotechnology company’s stock valued at $6,300,000 after acquiring an additional 7,338 shares during the period. Nordea Investment Management AB raised its stake in shares of Biogen by 105.4% in the 3rd quarter. Nordea Investment Management AB now owns 913,972 shares of the biotechnology company’s stock valued at $262,000,000 after acquiring an additional 468,973 shares during the period. Brandywine Global Investment Management LLC raised its stake in shares of Biogen by 22.8% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 49,849 shares of the biotechnology company’s stock valued at $17,261,000 after acquiring an additional 9,268 shares during the period. Arlington Partners LLC raised its stake in shares of Biogen by 5.9% in the 3rd quarter. Arlington Partners LLC now owns 8,758 shares of the biotechnology company’s stock valued at $2,478,000 after acquiring an additional 488 shares during the period. Finally, CIBC Asset Management Inc raised its stake in shares of Biogen by 2.3% in the 2nd quarter. CIBC Asset Management Inc now owns 27,601 shares of the biotechnology company’s stock valued at $9,557,000 after acquiring an additional 626 shares during the period. 82.61% of the stock is currently owned by institutional investors.

About Biogen

Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis; SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of severe plaque psoriasis.

Recommended Story: What are catch-up contributions?

Analyst Recommendations for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.