Biogen (NASDAQ:BIIB) Cut to Market Perform at BMO Capital Markets

BMO Capital Markets lowered shares of Biogen (NASDAQ:BIIB - Free Report) from an outperform rating to a market perform rating in a research report sent to investors on Friday, Marketbeat.com reports. The firm currently has $164.00 price target on the biotechnology company's stock, down from their prior price target of $230.00.

BIIB has been the subject of several other reports. Jefferies Financial Group lowered shares of Biogen from a "buy" rating to a "hold" rating and lowered their target price for the company from $250.00 to $180.00 in a report on Monday, December 9th. Robert W. Baird lifted their price objective on Biogen from $294.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, November 15th. Royal Bank of Canada cut their target price on Biogen from $292.00 to $269.00 and set an "outperform" rating on the stock in a research note on Friday, October 4th. Stifel Nicolaus downgraded Biogen from a "buy" rating to a "hold" rating and set a $175.00 price target for the company. in a report on Monday. Finally, UBS Group dropped their price target on shares of Biogen from $234.00 to $202.00 and set a "neutral" rating on the stock in a research note on Thursday, October 3rd. Sixteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $242.68.

Biogen Trading Down 0.6 %

Shares of BIIB stock traded down $0.92 during trading hours on Friday, reaching $146.47. The company's stock had a trading volume of 5,775,622 shares, compared to its average volume of 1,216,867. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen has a one year low of $145.07 and a one year high of $268.30. The stock has a market capitalization of $21.34 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.83 and a beta of -0.08. The firm's fifty day simple moving average is $168.32 and its 200 day simple moving average is $196.45.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share 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 business had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the firm posted $4.36 EPS. The business's revenue was down 2.5% on a year-over-year basis. Equities research analysts expect that Biogen will post 16.43 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BIIB. Principal Financial Group Inc. boosted its position in shares of Biogen by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company's stock valued at $32,687,000 after acquiring an additional 5,270 shares during the last quarter. Exome Asset Management LLC bought a new position in Biogen during the third quarter valued at $2,573,000. Oddo BHF Asset Management Sas purchased a new position in shares of Biogen in the 3rd quarter worth $1,383,000. Inspire Trust Co. N.A. raised its position in shares of Biogen by 58.5% during the 3rd quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company's stock valued at $2,113,000 after buying an additional 4,025 shares in the last quarter. Finally, Synovus Financial Corp lifted its holdings in shares of Biogen by 6.0% in the 3rd quarter. Synovus Financial Corp now owns 14,462 shares of the biotechnology company's stock valued at $2,803,000 after acquiring an additional 821 shares during the last quarter. Hedge funds and other institutional investors 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.