Biogen (NASDAQ:BIIB) Sets New 1-Year Low – Here’s Why

Biogen Inc. (NASDAQ:BIIB)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $170.70 and last traded at $171.10, with a volume of 51835 shares changing hands. The stock had previously closed at $172.03.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BIIB. Wells Fargo & Company dropped their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. BMO Capital Markets lowered their target price on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Barclays reduced their price target on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. UBS Group lowered their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 target price on shares of Biogen in a report on Monday, September 9th. Ten equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $261.58.

Biogen Stock Down 1.5 %

The firm’s 50-day simple moving average is $188.32 and its two-hundred day simple moving average is $208.37. 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 company has a market capitalization of $24.16 billion, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 1.60 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.36 EPS. Sell-side analysts predict that Biogen Inc. will post 16.4 EPS for the current fiscal year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently bought and sold shares of the stock. First Horizon Advisors Inc. raised its holdings in shares of Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 49 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 51 shares in the last quarter. Plato Investment Management Ltd boosted its stake in shares of Biogen by 82.8% during 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. Jacobi Capital Management LLC grew its holdings in shares of Biogen by 3.4% during the first quarter. Jacobi Capital Management LLC now owns 1,664 shares of the biotechnology company’s stock worth $359,000 after buying an additional 55 shares in the last quarter. Finally, CWM LLC raised its position in shares of Biogen by 1.7% in the second quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after buying an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.