Biogen (NASDAQ:BIIB) Cut to “Market Perform” at BMO Capital Markets

BMO Capital Markets cut shares of Biogen (NASDAQ:BIIB) from an outperform rating to a market perform rating in a research report report published on Friday morning, Marketbeat.com reports. BMO Capital Markets currently has $164.00 target price on the biotechnology company’s stock, down from their previous target price of $230.00.

BIIB has been the topic of several other reports. Royal Bank of Canada decreased their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Wedbush lowered their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. HC Wainwright restated a “buy” rating and set a $300.00 price target on shares of Biogen in a research report on Thursday, October 31st. Jefferies Financial Group downgraded Biogen from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $250.00 to $180.00 in a research report on Monday, December 9th. Finally, Mizuho decreased their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research note on Thursday, November 21st. Sixteen research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $242.68.

Biogen Stock Performance

Shares of BIIB stock opened at $146.47 on Friday. The firm’s 50 day moving average is $167.48 and its 200 day moving average is $195.60. The stock has a market capitalization of $21.34 billion, a P/E ratio of 13.23, a PEG ratio of 1.83 and a beta of -0.08. Biogen has a 12 month low of $145.07 and a 12 month high of $268.30. 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 posted 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. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the business posted $4.36 earnings per share. The business’s quarterly revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts anticipate that Biogen will post 16.43 earnings per share for the current year.

Hedge Funds Weigh In On Biogen

Hedge funds have recently modified their holdings of the company. Primecap Management Co. CA grew its stake in shares of Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares during the last quarter. State Street Corp lifted its holdings in Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after buying an additional 248,942 shares during the period. Geode Capital Management LLC grew its position in shares of Biogen by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after buying an additional 47,055 shares during the last quarter. RA Capital Management L.P. increased its stake in shares of Biogen by 20.6% during the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after buying an additional 202,317 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Biogen by 1.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after acquiring an additional 18,905 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.