Biogen (NASDAQ:BIIB) Rating Increased to Hold at Citigroup

Citigroup upgraded shares of Biogen (NASDAQ:BIIB) to a hold rating in a report released on Wednesday morning,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Truist Financial reiterated a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. HC Wainwright reiterated a “buy” rating and issued a $300.00 target price on shares of Biogen in a research note on Thursday, October 31st. Scotiabank lowered their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Barclays lowered their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, BMO Capital Markets lowered their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Twelve equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $258.96.

Biogen Stock Performance

Biogen stock opened at $159.99 on Wednesday. The stock’s 50-day moving average is $185.99 and its 200-day moving average is $207.38. The company has a market cap of $23.31 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen has a 12 month low of $159.60 and a 12 month high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period last year, the business posted $4.36 EPS. Equities analysts anticipate that Biogen will post 16.4 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Biogen

Several hedge funds have recently made changes to their positions in the stock. Plato Investment Management Ltd raised its stake in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Biogen during the 2nd quarter valued at $33,000. Ashton Thomas Securities LLC bought a new stake in Biogen during the 3rd quarter valued at $33,000. EntryPoint Capital LLC bought a new stake in Biogen during the 1st quarter valued at $36,000. Finally, Versant Capital Management Inc raised its stake in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares in the last quarter. 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.