Biogen (NASDAQ:BIIB) Hits New 1-Year Low at $188.78

Shares of Biogen Inc. (NASDAQ:BIIB) hit a new 52-week low during trading on Wednesday . The company traded as low as $188.78 and last traded at $189.07, with a volume of 1505930 shares trading hands. The stock had previously closed at $194.12.

Analyst Ratings Changes

BIIB has been the topic of several recent analyst reports. Scotiabank lowered their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Piper Sandler reduced their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Mizuho dropped their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Wells Fargo & Company reduced their target price on 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, Robert W. Baird decreased their target price on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $275.30.

Biogen Stock Up 0.6 %

The stock has a 50-day moving average of $204.76 and a 200-day moving average of $214.29. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The firm has a market cap of $28.34 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 1.97 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.00 by $1.28. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. Biogen’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $4.02 EPS. Sell-side analysts predict that Biogen Inc. will post 16.12 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the company’s 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 completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Plato Investment Management Ltd boosted its holdings 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. Livelsberger Financial Advisory acquired a new stake in Biogen in the fourth quarter valued at about $26,000. Rise Advisors LLC bought a new position in Biogen in the first quarter valued at about $27,000. Itau Unibanco Holding S.A. acquired a new position in Biogen during the second quarter worth about $33,000. Finally, EntryPoint Capital LLC bought a new position in shares of Biogen in the first quarter worth about $36,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.