Biogen (NASDAQ:BIIB) Stock Price Down 6.8% Following Analyst Downgrade

Biogen Inc. (NASDAQ:BIIB) traded down 6.8% during trading on Wednesday after Bank Of America (Bofa) lowered their price target on the stock from $178.00 to $163.00. Bank Of America (Bofa) currently has a neutral rating on the stock. Biogen traded as low as $128.51 and last traded at $129.86. 973,287 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 1,281,038 shares. The stock had previously closed at $139.39.

Other equities analysts also recently issued reports about the company. Bank of America restated a “neutral” rating and issued a $178.00 target price on shares of Biogen in a research note on Tuesday, December 10th. Piper Sandler downgraded Biogen from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $315.00 to $138.00 in a report on Thursday, January 2nd. Jefferies Financial Group downgraded Biogen from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. Truist Financial cut their target price on Biogen from $302.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target for the company. in a report on Monday, December 16th. Seventeen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $221.65.

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Larson Financial Group LLC increased its holdings in shares of Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 141 shares in the last quarter. Lee Danner & Bass Inc. acquired a new position in shares of Biogen in the 4th quarter worth $25,000. OFI Invest Asset Management acquired a new stake in shares of Biogen during the fourth quarter worth $32,000. Ashton Thomas Securities LLC purchased a new stake in shares of Biogen during the third quarter valued at $33,000. Finally, SRS Capital Advisors Inc. acquired a new position in shares of Biogen in the 4th quarter valued at $33,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Price Performance

The stock has a 50 day moving average of $148.28 and a two-hundred day moving average of $174.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The stock has a market cap of $19.44 billion, a PE ratio of 12.05, a PEG ratio of 1.65 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Equities analysts anticipate that Biogen Inc. will post 16.42 EPS for the current year.

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.