Biogen (NASDAQ:BIIB) Reaches New 12-Month Low at $188.05

Biogen Inc. (NASDAQ:BIIB)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $188.05 and last traded at $188.69, with a volume of 759071 shares. The stock had previously closed at $190.80.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BIIB shares. Mizuho reduced their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Robert W. Baird reduced their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Piper Sandler reduced their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Finally, Wedbush reduced their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Biogen presently has an average rating of “Moderate Buy” and a consensus price target of $275.30.

Biogen Trading Down 1.1 %

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 business has a 50-day moving average of $202.80 and a 200-day moving average of $213.48. The firm has a market cap of $27.48 billion, a price-to-earnings ratio of 23.67, a P/E/G ratio of 1.97 and a beta of -0.06.

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

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the business’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 transaction of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BIIB. Vanguard Group Inc. increased its holdings in Biogen by 15.0% in the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after purchasing an additional 2,163,068 shares during the period. Primecap Management Co. CA boosted its position in Biogen by 0.7% during the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after acquiring an additional 117,578 shares during the last quarter. Van ECK Associates Corp boosted its position in Biogen by 22.2% during the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after acquiring an additional 316,144 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Biogen by 5.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock valued at $342,772,000 after acquiring an additional 81,283 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after acquiring an additional 571,795 shares during the last quarter. 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.