Biogen (NASDAQ:BIIB) Cut to Neutral at Piper Sandler

Piper Sandler lowered shares of Biogen (NASDAQ:BIIB) from an overweight rating to a neutral rating in a research note released on Thursday morning, MarketBeat Ratings reports. The firm currently has $138.00 price target on the biotechnology company’s stock, down from their prior price target of $315.00.

Several other brokerages also recently weighed in on BIIB. UBS Group cut their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. StockNews.com lowered shares of Biogen from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 28th. TD Cowen reduced their target price on shares of Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Citigroup initiated coverage on shares of Biogen in a report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price target for the company. Finally, Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective on the stock. in a report on Monday, December 16th. Seventeen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $235.68.

Biogen Trading Down 1.9 %

Shares of BIIB stock opened at $150.00 on Thursday. Biogen has a fifty-two week low of $145.07 and a fifty-two week high of $268.30. The company has a 50 day moving average price of $160.79 and a 200 day moving average price of $190.86. The stock has a market capitalization of $21.86 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 1.74 and a beta of -0.08. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the company posted $4.36 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. Equities research analysts predict that Biogen will post 16.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new position in Biogen in the 2nd quarter valued at about $33,000. Ashton Thomas Securities LLC purchased a new position in shares of Biogen in the 3rd quarter valued at approximately $33,000. Venturi Wealth Management LLC grew its stake in shares of Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares during the last quarter. Rothschild Investment LLC acquired a new position in shares of Biogen in the second quarter valued at approximately $60,000. Finally, FSA Wealth Management LLC purchased a new stake in shares of Biogen during the third quarter worth approximately $74,000. 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.