Biogen (NASDAQ:BIIB) Reaches New 52-Week Low - Here's Why

Biogen Inc. (NASDAQ:BIIB - Get Free Report)'s share price hit a new 52-week low during trading on Monday . The stock traded as low as $158.12 and last traded at $158.12, with a volume of 16257 shares trading hands. The stock had previously closed at $159.99.

Analyst Ratings Changes

Several research firms have recently issued reports on BIIB. HC Wainwright restated a "buy" rating and issued a $300.00 price target on shares of Biogen in a research report on Thursday, October 31st. Citigroup assumed coverage on Biogen in a report on Thursday. They set a "neutral" rating and a $190.00 target price on the stock. TD Cowen lowered their price target on Biogen from $300.00 to $275.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. JPMorgan Chase & Co. reduced their price objective on shares of Biogen from $220.00 to $210.00 and set a "neutral" rating on the stock in a research note on Monday, November 4th. Finally, Wolfe Research began coverage on shares of Biogen in a research note on Friday. They issued a "peer perform" rating for the company. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Biogen presently has a consensus rating of "Moderate Buy" and an average target price of $258.96.

Biogen Stock Performance

The stock has a market capitalization of $23.01 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.51 and a beta of -0.06. The stock has a 50 day simple moving average of $185.99 and a two-hundred day simple moving average of $207.27. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results 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 net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period last year, the business earned $4.36 earnings per share. The firm's revenue was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Biogen Inc. will post 16.42 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company's stock, valued at $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blair William & Co. IL boosted its holdings in shares of Biogen by 9.6% during the first quarter. Blair William & Co. IL now owns 12,867 shares of the biotechnology company's stock worth $2,775,000 after acquiring an additional 1,132 shares during the period. TIAA Trust National Association increased its position in Biogen by 10.5% during the 1st quarter. TIAA Trust National Association now owns 3,871 shares of the biotechnology company's stock worth $835,000 after buying an additional 369 shares during the period. Edgestream Partners L.P. bought a new position in Biogen during the 1st quarter worth $356,000. Jacobi Capital Management LLC boosted its position in shares of Biogen by 3.4% in the first quarter. Jacobi Capital Management LLC now owns 1,664 shares of the biotechnology company's stock valued at $359,000 after acquiring an additional 55 shares during the period. Finally, PAX Financial Group LLC grew its stake in shares of Biogen by 8.7% in the first quarter. PAX Financial Group LLC now owns 1,953 shares of the biotechnology company's stock valued at $421,000 after acquiring an additional 156 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

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.