Biogen (NASDAQ:BIIB) Sets New 52-Week Low - Here's What Happened

Biogen Inc. (NASDAQ:BIIB - Get Free Report) reached a new 52-week low on Tuesday . The stock traded as low as $144.54 and last traded at $145.13, with a volume of 496636 shares. The stock had previously closed at $150.18.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Barclays reduced their target price on Biogen from $190.00 to $180.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Royal Bank of Canada cut their price target on Biogen from $292.00 to $269.00 and set an "outperform" rating for the company in a research note on Friday, October 4th. JPMorgan Chase & Co. lowered their price target on Biogen from $220.00 to $210.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. BMO Capital Markets downgraded Biogen from an "outperform" rating to a "market perform" rating and dropped their price objective for the stock from $230.00 to $164.00 in a report on Friday, December 20th. Finally, Stifel Nicolaus cut shares of Biogen from a "buy" rating to a "hold" rating and set a $175.00 target price for the company. in a research note on Monday, December 16th. Sixteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Biogen has a consensus rating of "Hold" and a consensus target price of $230.00.

Biogen Price Performance

The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock's 50-day moving average price is $155.57 and its 200 day moving average price is $185.80. The firm has a market cap of $20.58 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 1.69 and a beta of -0.07.

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

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently bought and sold shares of the business. Choreo LLC acquired a new position in Biogen in the second quarter worth about $297,000. Parallel Advisors LLC raised its holdings in shares of Biogen by 8.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,982 shares of the biotechnology company's stock worth $459,000 after buying an additional 156 shares in the last quarter. Citizens Financial Group Inc. RI bought a new position in shares of Biogen during the 2nd quarter worth approximately $239,000. Moors & Cabot Inc. boosted its stake in Biogen by 11.3% in the 2nd quarter. Moors & Cabot Inc. now owns 1,130 shares of the biotechnology company's stock valued at $262,000 after buying an additional 115 shares in the last quarter. Finally, E Fund Management Co. Ltd. grew its position in Biogen by 68.9% in the second quarter. E Fund Management Co. Ltd. now owns 7,067 shares of the biotechnology company's stock valued at $1,638,000 after acquiring an additional 2,884 shares during the period. Institutional investors 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.

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