Biogen (NASDAQ:BIIB) Downgraded to “Hold” Rating by Needham & Company LLC

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

A number of other equities research analysts also recently weighed in on the stock. TD Cowen cut their price target on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Raymond James restated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Mizuho cut their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Robert W. Baird lifted their target price on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Morgan Stanley lowered Biogen from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Price Performance

Shares of BIIB opened at $159.99 on Monday. Biogen has a 12 month low of $159.60 and a 12 month high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The stock has a fifty day moving average price of $185.99 and a 200 day moving average price of $207.27. The company has a market cap of $23.31 billion, a P/E ratio of 14.45, a PEG ratio of 1.51 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm posted $4.36 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. On average, research analysts forecast that Biogen will post 16.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. lifted its position in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after buying an additional 49 shares during the last quarter. Plato Investment Management Ltd boosted its stake in shares of 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. CWM LLC grew its holdings in shares of Biogen by 1.7% during the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after purchasing an additional 62 shares during the last quarter. Grandfield & Dodd LLC increased its position in Biogen by 5.2% during the 3rd quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock worth $244,000 after purchasing an additional 62 shares in the last quarter. Finally, Quintet Private Bank Europe S.A. lifted its stake in Biogen by 9.7% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock valued at $138,000 after purchasing an additional 63 shares during the last quarter. 87.93% of the stock is currently owned by 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.