Biogen (NASDAQ:BIIB) Cut to Neutral at Piper Sandler

Piper Sandler lowered shares of Biogen (NASDAQ:BIIB) from an overweight rating to a neutral rating in a report published on Thursday, MarketBeat reports. The firm currently has $138.00 price target on the biotechnology company’s stock, down from their previous price target of $315.00.

A number of other equities research analysts have also weighed in on the company. BMO Capital Markets lowered Biogen from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $230.00 to $164.00 in a research report on Friday, December 20th. Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $285.00 to $204.00 in a research note on Thursday, October 31st. JPMorgan Chase & Co. decreased their target price on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, November 4th. HC Wainwright reaffirmed a “buy” rating and set a $300.00 price target on shares of Biogen in a report on Thursday, October 31st. Finally, Oppenheimer dropped their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Seventeen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Hold” and an average target price of $235.68.

Biogen Trading Up 1.5 %

NASDAQ:BIIB opened at $152.21 on Thursday. The company has a market cap of $22.18 billion, a P/E ratio of 13.75, a P/E/G ratio of 1.74 and a beta of -0.07. Biogen has a 1 year low of $145.07 and a 1 year high of $264.58. 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’s fifty day moving average price is $160.20 and its two-hundred day moving average price is $190.34.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the business earned $4.36 earnings per share. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, analysts expect that Biogen will post 16.43 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BIIB. Everence Capital Management Inc. raised its stake in Biogen by 56.3% during the fourth quarter. Everence Capital Management Inc. now owns 4,360 shares of the biotechnology company’s stock valued at $667,000 after buying an additional 1,570 shares in the last quarter. Centre Asset Management LLC grew its stake in shares of Biogen by 7.7% in the fourth quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock worth $7,880,000 after purchasing an additional 3,698 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Biogen by 228.7% in the 4th quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock worth $61,000 after acquiring an additional 279 shares during the period. Principal Financial Group Inc. boosted its stake in Biogen by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after purchasing an additional 5,270 shares in the last quarter. Finally, Exome Asset Management LLC bought a new position in Biogen during the third quarter valued at about $2,573,000. 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.