Biogen (NASDAQ:BIIB) Rating Lowered to Hold at Argus

Biogen (NASDAQ:BIIB - Get Free Report) was downgraded by research analysts at Argus from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports.

Several other analysts have also commented on BIIB. Wells Fargo & Company cut their target price on shares of Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday, February 13th. Citigroup decreased their target price on Biogen from $160.00 to $145.00 and set a "neutral" rating on the stock in a report on Thursday, February 13th. The Goldman Sachs Group reduced their target price on Biogen from $281.00 to $245.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Jefferies Financial Group downgraded Biogen from a "buy" rating to a "hold" rating and cut their price objective for the stock from $250.00 to $180.00 in a report on Monday, December 9th. Finally, Truist Financial reduced their price objective on shares of Biogen from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Eighteen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $213.33.

Biogen Stock Performance

Shares of NASDAQ BIIB traded down $3.79 during midday trading on Friday, reaching $119.19. 2,455,876 shares of the company traded hands, compared to its average volume of 1,329,712. The stock has a 50-day moving average price of $140.68 and a 200 day moving average price of $157.34. The company has a market cap of $17.45 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 1.51 and a beta of 0.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. Biogen has a 52 week low of $117.56 and a 52 week high of $238.00.

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Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts' consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. Sell-side analysts anticipate that Biogen will post 15.83 earnings per share for the current fiscal year.

Insider Activity at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company's stock, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biogen

Several large investors have recently bought and sold shares of the stock. Quantbot Technologies LP bought a new position in Biogen during the third quarter valued at about $151,000. Public Sector Pension Investment Board increased its position in shares of Biogen by 12.4% during the third quarter. Public Sector Pension Investment Board now owns 6,361 shares of the biotechnology company's stock valued at $1,233,000 after purchasing an additional 700 shares during the period. Janus Henderson Group PLC increased its position in shares of Biogen by 9.0% during the third quarter. Janus Henderson Group PLC now owns 23,029 shares of the biotechnology company's stock valued at $4,462,000 after purchasing an additional 1,900 shares during the period. Investment Management Corp of Ontario lifted its position in Biogen by 48.9% in the third quarter. Investment Management Corp of Ontario now owns 4,870 shares of the biotechnology company's stock worth $944,000 after purchasing an additional 1,600 shares during the period. Finally, Stifel Financial Corp boosted its stake in Biogen by 1.9% during the third quarter. Stifel Financial Corp now owns 47,554 shares of the biotechnology company's stock worth $9,218,000 after buying an additional 868 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.