Biogen (NASDAQ:BIIB) Reaches New 12-Month Low – Here’s What Happened

Biogen Inc. (NASDAQ:BIIB)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $144.54 and last traded at $145.13, with a volume of 496636 shares changing hands. The stock had previously closed at $150.18.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Bank of America reaffirmed a “neutral” rating and issued a $178.00 price target on shares of Biogen in a report on Tuesday, December 10th. Mizuho cut their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research note on Thursday, November 21st. Wedbush cut their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. Needham & Company LLC lowered Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target for the company. in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. lowered their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $230.00.

Biogen Price Performance

The firm has a market cap of $21.06 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 1.74 and a beta of -0.07. The stock has a 50-day moving average price of $156.92 and a 200 day moving average price of $186.74. 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 (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the previous year, the firm posted $4.36 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, equities research analysts forecast that Biogen Inc. will post 16.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new position in Biogen during the 2nd quarter worth approximately $33,000. Ashton Thomas Securities LLC acquired a new position in Biogen during the 3rd quarter worth approximately $33,000. Venturi Wealth Management LLC boosted its stake in shares of Biogen by 73.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 93 shares in the last quarter. FSA Wealth Management LLC purchased a new stake in shares of Biogen during the 3rd quarter worth approximately $74,000. Finally, TD Private Client Wealth LLC boosted its stake in shares of Biogen by 25.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock worth $75,000 after acquiring an additional 77 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Company Profile

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.