Biogen (NASDAQ:BIIB) Sets New 12-Month Low - What's Next?

Shares of Biogen Inc. (NASDAQ:BIIB - Get Free Report) hit a new 52-week low on Friday . The stock traded as low as $125.90 and last traded at $126.72, with a volume of 801135 shares traded. The stock had previously closed at $130.71.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of research analyst reports. Canaccord Genuity Group dropped their price target on shares of Biogen from $298.00 to $265.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. BMO Capital Markets dropped their target price on shares of Biogen from $156.00 to $139.00 and set a "market perform" rating on the stock in a research report on Thursday, February 13th. Bank Of America (Bofa) cut their target price on shares of Biogen from $178.00 to $163.00 and set a "neutral" rating for the company in a research note on Tuesday, February 11th. Piper Sandler reaffirmed a "neutral" rating and issued a $135.00 price target (down from $138.00) on shares of Biogen in a research note on Tuesday, February 18th. Finally, Citigroup cut their price objective on Biogen from $160.00 to $145.00 and set a "neutral" rating for the company in a research note on Thursday, February 13th. Eighteen 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 company has an average rating of "Hold" and an average price target of $213.15.

Biogen Price Performance

The stock has a 50-day simple moving average of $138.85 and a 200 day simple moving average of $155.86. The company has a market cap of $17.64 billion, a PE ratio of 10.77, a P/E/G ratio of 1.51 and a beta of 0.06. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

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Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Equities analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Insider Transactions at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the business's 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 sale, the director now owns 11,318 shares of the company's stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.16% of the company's stock.

Institutional Investors Weigh In On Biogen

Institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. lifted its stake in Biogen by 13,574.7% during the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. Norges Bank acquired a new stake in shares of Biogen during the fourth quarter worth about $355,569,000. Van ECK Associates Corp lifted its position in shares of Biogen by 977.9% during the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock worth $163,083,000 after purchasing an additional 967,523 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after purchasing an additional 499,074 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Biogen by 982.0% in the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after purchasing an additional 489,811 shares in the last quarter. 87.93% of the stock is 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.