Stifel Nicolaus Downgrades Biogen (NASDAQ:BIIB) to Hold

Biogen (NASDAQ:BIIB) was downgraded by investment analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Monday, MarketBeat reports. They currently have a $175.00 target price on the biotechnology company’s stock. Stifel Nicolaus’ target price points to a potential upside of 16.17% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Oppenheimer dropped their price target on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Wolfe Research began coverage on shares of Biogen in a report on Friday, November 15th. They issued a “peer perform” rating for the company. StockNews.com cut shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 11th. Finally, Citigroup began coverage on shares of Biogen in a report on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price objective for the company. Fifteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $245.32.

Biogen Price Performance

BIIB opened at $150.64 on Monday. The firm has a market cap of $21.95 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08. Biogen has a fifty-two week low of $148.60 and a fifty-two week high of $268.30. The company’s 50-day moving average price is $169.92 and its 200 day moving average price is $197.14. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last announced 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 for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the business earned $4.36 earnings per share. Biogen’s revenue was down 2.5% compared to the same quarter last year. As a group, sell-side analysts expect that Biogen will post 16.43 earnings per share for the current year.

Hedge Funds Weigh In On Biogen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. acquired a new position in Biogen in the 2nd quarter worth approximately $33,000. Ashton Thomas Securities LLC acquired a new position in Biogen in the 3rd quarter worth approximately $33,000. Blue Trust Inc. boosted its stake in Biogen by 249.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 127 shares during the period. First Horizon Advisors Inc. boosted its stake in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after buying an additional 93 shares in the last quarter. Institutional investors and hedge funds 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.