Biogen (NASDAQ:BIIB) Stock Rating Lowered by Needham & Company LLC

Biogen (NASDAQ:BIIB) was downgraded by equities research analysts at Needham & Company LLC to a “hold” rating in a research report issued on Monday, Stock Target Advisor reports. They currently have a $270.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 68.76% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. BMO Capital Markets decreased their target price on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. HC Wainwright reissued a “buy” rating and set a $300.00 target price on shares of Biogen in a research note on Thursday, October 31st. Wedbush dropped their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Raymond James reiterated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Finally, Royal Bank of Canada dropped their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $258.96.

Biogen Trading Down 3.0 %

BIIB opened at $159.99 on Monday. 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 has a fifty-two week low of $159.60 and a fifty-two week high of $268.30. The company’s 50 day moving average price is $185.99 and its two-hundred day moving average price is $207.27. The firm has a market capitalization of $23.31 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.51 and a beta of -0.06.

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 the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned $4.36 EPS. As a group, research analysts predict that Biogen will post 16.42 earnings per share for the current year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction 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 sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of hedge funds have recently bought and sold shares of the company. Plato Investment Management Ltd raised its holdings in shares of Biogen by 82.8% in the first 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 during the last quarter. Itau Unibanco Holding S.A. bought a new stake in Biogen in the 2nd quarter worth about $33,000. Versant Capital Management Inc increased its stake in Biogen by 123.2% in 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. EntryPoint Capital LLC bought a new position in shares of Biogen during the 1st quarter worth approximately $36,000. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Biogen in the 3rd quarter worth approximately $33,000. 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.