Biogen (NASDAQ:BIIB) Rating Lowered to "Hold" at Needham & Company LLC

Biogen (NASDAQ:BIIB - Get Free Report) was downgraded by research analysts at Needham & Company LLC from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Monday, MarketBeat reports. They presently have a $270.00 price target on the biotechnology company's stock. Needham & Company LLC's price objective indicates a potential upside of 70.88% from the company's previous close.

Several other research analysts have also commented on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, October 31st. UBS Group decreased 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. Scotiabank dropped their price target on Biogen from $275.00 to $244.00 and set a "sector outperform" rating on the stock in a research report on Friday, August 2nd. Barclays reduced their price objective on Biogen from $190.00 to $180.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Finally, Morgan Stanley lowered Biogen from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $258.96.

Biogen Trading Down 1.2 %

BIIB stock traded down $1.98 during midday trading on Monday, reaching $158.01. 995,659 shares of the company's stock traded hands, compared to its average volume of 1,168,488. The business has a 50-day moving average price of $185.99 and a two-hundred day moving average price of $207.27. 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 has a fifty-two week low of $157.40 and a fifty-two week high of $268.30. The company has a market capitalization of $23.03 billion, a P/E ratio of 14.45, a PEG ratio of 1.51 and a beta of -0.06.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts' consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.36 earnings per share. Equities research analysts forecast that Biogen will post 16.42 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.16% of the company's stock.

Institutional Investors Weigh In On Biogen

A number of institutional investors have recently bought and sold shares of the business. Edgestream Partners L.P. acquired a new stake in shares of Biogen during the first quarter worth approximately $356,000. O Shaughnessy Asset Management LLC raised its holdings in shares of Biogen by 5.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 3,940 shares of the biotechnology company's stock worth $849,000 after acquiring an additional 188 shares in the last quarter. Seven Eight Capital LP acquired a new stake in Biogen during the first quarter valued at $372,000. Natixis grew its stake in Biogen by 51.7% in the first quarter. Natixis now owns 101,738 shares of the biotechnology company's stock valued at $21,938,000 after purchasing an additional 34,665 shares in the last quarter. Finally, MQS Management LLC acquired a new position in Biogen in the 1st quarter worth about $433,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.