Biogen (NASDAQ:BIIB) Sets New 52-Week Low – Here’s Why

Biogen Inc. (NASDAQ:BIIB)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $146.57 and last traded at $146.79, with a volume of 1494882 shares. The stock had previously closed at $150.64.

Analysts Set New Price Targets

Several brokerages have commented on BIIB. Barclays decreased 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. BMO Capital Markets decreased their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Wolfe Research began coverage on Biogen in a report on Friday, November 15th. They set a “peer perform” rating on the stock. Jefferies Financial Group lowered Biogen from a “buy” rating to a “hold” rating and reduced their price target for the company from $250.00 to $180.00 in a research report on Monday, December 9th. Finally, Oppenheimer lowered their price objective on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $245.32.

Biogen Stock Down 2.6 %

The stock has a market cap of $21.39 billion, a PE ratio of 13.26, a P/E/G ratio of 1.83 and a beta of -0.08. The business has a 50 day moving average of $169.14 and a 200-day moving average of $196.79. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last announced its earnings results 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 net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the firm posted $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities research analysts predict that Biogen Inc. will post 16.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently made changes to their positions in the business. Primecap Management Co. CA increased its position in Biogen by 0.7% in 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 acquiring an additional 117,578 shares during the period. State Street Corp increased its holdings in shares of Biogen by 3.5% in the third 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 during the period. Geode Capital Management LLC raised its stake in shares of Biogen by 1.3% during the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after purchasing an additional 47,055 shares during the last quarter. RA Capital Management L.P. lifted its holdings in shares of Biogen by 20.6% during the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock worth $229,595,000 after purchasing an additional 202,317 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Biogen by 1.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after buying an additional 18,905 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

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.