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

Biogen Inc. (NASDAQ:BIIB) hit a new 52-week low on Monday . The stock traded as low as $158.12 and last traded at $158.12, with a volume of 16257 shares. The stock had previously closed at $159.99.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Truist Financial reaffirmed a “buy” rating and set a $302.00 price objective (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. JPMorgan Chase & Co. lowered their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Needham & Company LLC cut Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a research report on Monday. Citigroup assumed coverage on Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price objective for the company. Finally, BMO Capital Markets lowered their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Thirteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Trading Down 1.6 %

The firm has a market capitalization of $22.65 billion, a PE ratio of 14.04, a P/E/G ratio of 1.52 and a beta of -0.06. The business has a 50 day moving average price of $184.26 and a 200-day moving average price of $206.44. 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 issued 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. The business had revenue of $2.47 billion during 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%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.36 EPS. Analysts expect that Biogen Inc. will post 16.42 earnings per share for the current year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biogen

Several hedge funds have recently bought and sold shares of BIIB. Plato Investment Management Ltd increased its stake in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Biogen during the 2nd quarter valued at $33,000. Ashton Thomas Securities LLC acquired a new stake in Biogen during the 3rd quarter valued at $33,000. EntryPoint Capital LLC acquired a new stake in Biogen during the 1st quarter valued at $36,000. Finally, Versant Capital Management Inc grew its holdings in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 85 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

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.