Biogen (NASDAQ:BIIB) Reaches New 12-Month Low – Here’s What Happened

Biogen Inc. (NASDAQ:BIIBGet Free Report) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $144.54 and last traded at $145.13, with a volume of 496636 shares traded. The stock had previously closed at $150.18.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. UBS Group reduced their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. StockNews.com lowered Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Needham & Company LLC lowered Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price on the stock. in a research report on Monday, November 18th. Mizuho reduced their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research report on Thursday, November 21st. Finally, Royal Bank of Canada reduced their target price on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Sixteen investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $230.00.

Check Out Our Latest Stock Analysis on Biogen

Biogen Stock Down 3.7 %

The company has a market cap of $21.06 billion, a PE ratio of 13.06, a P/E/G ratio of 1.74 and a beta of -0.07. The business has a 50-day simple moving average of $156.92 and a 200-day simple moving average of $186.74. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIBGet Free Report) last issued its quarterly 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. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.36 earnings per share. Equities research analysts anticipate that Biogen Inc. will post 16.43 EPS for the current year.

Hedge Funds Weigh In On Biogen

Hedge funds and other institutional investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen in the second quarter valued at approximately $33,000. Ashton Thomas Securities LLC purchased a new position in shares of Biogen in the third quarter valued at approximately $33,000. Venturi Wealth Management LLC lifted its position in shares of Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 93 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Biogen by 228.7% in the fourth quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock valued at $61,000 after acquiring an additional 279 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new position in shares of Biogen in the third quarter valued at approximately $74,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

About Biogen

(Get Free Report)

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.

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