Biogen (NASDAQ:BIIB) Stock Price Up 3.5% – Still a Buy?

Biogen Inc. (NASDAQ:BIIB)’s share price was up 3.5% on Tuesday . The stock traded as high as $146.42 and last traded at $146.67. Approximately 368,470 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,439,676 shares. The stock had previously closed at $141.71.

Analysts Set New Price Targets

BIIB has been the topic of a number of recent research reports. Jefferies Financial Group cut Biogen from a “buy” rating to a “hold” rating and reduced their price objective for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Truist Financial reduced their price target on Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Canaccord Genuity Group lowered their price objective on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. JPMorgan Chase & Co. cut their target price on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Wells Fargo & Company lowered their price target on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, February 13th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen currently has a consensus rating of “Hold” and an average target price of $213.33.

Biogen Stock Performance

The business’s fifty day moving average is $144.28 and its two-hundred day moving average is $167.83. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $20.87 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 1.51 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. Equities research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BIIB. Farther Finance Advisors LLC raised its stake in Biogen by 2.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,656 shares of the biotechnology company’s stock valued at $1,484,000 after buying an additional 160 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Biogen by 27.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 274,708 shares of the biotechnology company’s stock valued at $53,249,000 after acquiring an additional 59,771 shares during the period. Old North State Wealth Management LLC grew its stake in shares of Biogen by 0.7% during the 3rd quarter. Old North State Wealth Management LLC now owns 13,533 shares of the biotechnology company’s stock valued at $2,623,000 after purchasing an additional 100 shares during the period. National Pension Service grew its position in Biogen by 10.1% during the third quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock valued at $69,699,000 after buying an additional 32,914 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in Biogen by 0.6% during the third quarter. Asset Management One Co. Ltd. now owns 55,355 shares of the biotechnology company’s stock valued at $10,730,000 after purchasing an additional 324 shares in the last quarter. 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.