Biogen (NASDAQ:BIIB) Reaches New 1-Year Low – Here’s What Happened

Biogen Inc. (NASDAQ:BIIB) shares reached a new 52-week low during mid-day trading on Friday . The company traded as low as $181.25 and last traded at $181.40, with a volume of 1388307 shares trading hands. The stock had previously closed at $183.86.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BIIB. UBS Group cut their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Wedbush decreased their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Raymond James reissued a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Finally, Wells Fargo & Company cut their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $271.39.

Biogen Price Performance

The stock has a 50-day simple moving average of $195.28 and a 200 day simple moving average of $210.12. The stock has a market capitalization of $26.46 billion, a P/E ratio of 22.88, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business earned $4.02 earnings per share. On average, equities analysts forecast that Biogen Inc. will post 16.14 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Hedge funds have recently added to or reduced their stakes in the stock. Arlington Partners LLC increased its stake in shares of Biogen by 34.3% in the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after acquiring an additional 4,902 shares during the last quarter. Duality Advisers LP bought a new stake in Biogen in the first quarter valued at approximately $1,290,000. Tocqueville Asset Management L.P. raised its holdings in Biogen by 924.4% in the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after purchasing an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Biogen by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after purchasing an additional 3,380 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after buying an additional 10,425 shares during the period. 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.