Biogen (NASDAQ:BIIB) Reaches New 1-Year Low – Here’s What Happened

Biogen Inc. (NASDAQ:BIIB) shares 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. The stock had previously closed at $172.03.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BIIB shares. Robert W. Baird cut their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Oppenheimer lowered their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Wells Fargo & Company decreased their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Finally, Mizuho cut their target price on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Ten analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $261.58.

Biogen Price Performance

The firm’s 50 day simple moving average is $189.06 and its two-hundred day simple moving average is $208.65. The firm has a market capitalization of $24.66 billion, a P/E ratio of 15.54, a P/E/G ratio of 1.64 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. 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 company earned $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, analysts predict that Biogen Inc. will post 16.4 earnings per share for the current year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on 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 owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade 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 the SEC website. 0.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Biogen

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after purchasing an additional 2,163,068 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Biogen by 19,722.9% during the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after purchasing an additional 357,181 shares during the last quarter. Mizuho Securities USA LLC increased its holdings in shares of Biogen by 2,715.9% in the 3rd quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock worth $61,253,000 after purchasing an additional 304,778 shares in the last quarter. RA Capital Management L.P. raised its stake in shares of Biogen by 39.0% in the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after purchasing an additional 207,835 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Biogen by 29.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock valued at $137,856,000 after purchasing an additional 162,511 shares in the last quarter. 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.