Argus Downgrades Biogen (NASDAQ:BIIB) to Hold

Argus lowered shares of Biogen (NASDAQ:BIIB) from a buy rating to a hold rating in a research report sent to investors on Friday, MarketBeat reports.

Several other research analysts have also issued reports on the stock. Piper Sandler restated a “neutral” rating and issued a $135.00 price target (down previously from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. Needham & Company LLC restated a “hold” rating on shares of Biogen in a report on Thursday, February 13th. Royal Bank of Canada reduced their target price on Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Wells Fargo & Company dropped their price target on Biogen from $165.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 13th. Finally, Sanford C. Bernstein began coverage on shares of Biogen in a research note on Tuesday, February 11th. They set a “market perform” rating and a $160.00 price objective for the company. Eighteen investment 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 a consensus price target of $213.33.

Biogen Stock Down 5.9 %

BIIB opened at $122.98 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market capitalization of $18.00 billion, a PE ratio of 10.99, a P/E/G ratio of 1.51 and a beta of 0.01. The stock’s fifty day moving average is $140.68 and its 200-day moving average is $157.90. Biogen has a one year low of $122.77 and a one year high of $238.00.

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

Insider Buying and Selling

In related news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Biogen

A number of institutional investors have recently modified their holdings of BIIB. Quent Capital LLC boosted its holdings in shares of Biogen by 31.2% during the 1st quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $54,000 after buying an additional 93 shares during the period. Farmers Trust Co. boosted its holdings in Biogen by 15.7% during the first quarter. Farmers Trust Co. now owns 14,861 shares of the biotechnology company’s stock valued at $2,034,000 after acquiring an additional 2,012 shares during the period. Centre Asset Management LLC grew its position in shares of Biogen by 10.4% in the first quarter. Centre Asset Management LLC now owns 56,894 shares of the biotechnology company’s stock valued at $7,785,000 after purchasing an additional 5,364 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Biogen by 87.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 510 shares of the biotechnology company’s stock worth $70,000 after purchasing an additional 238 shares during the period. Finally, California State Teachers Retirement System lifted its position in shares of Biogen by 1.2% during the 4th quarter. California State Teachers Retirement System now owns 233,318 shares of the biotechnology company’s stock worth $35,679,000 after purchasing an additional 2,811 shares during 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.