Biogen (NASDAQ:BIIB) Hits New 52-Week Low – Here’s What Happened

Biogen Inc. (NASDAQ:BIIB)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $139.71 and last traded at $142.66, with a volume of 97906 shares trading hands. The stock had previously closed at $140.98.

Analyst Upgrades and Downgrades

BIIB has been the topic of a number of analyst reports. UBS Group dropped their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Piper Sandler downgraded shares of Biogen from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $315.00 to $138.00 in a research report on Thursday, January 2nd. Citigroup began coverage on shares of Biogen in a research report on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research report on Thursday, October 31st. Finally, Wells Fargo & Company cut their target price on shares of Biogen from $190.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Friday, January 10th. Sixteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $230.00.

Biogen Stock Performance

The stock’s 50-day moving average price is $152.63 and its 200 day moving average price is $182.79. 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 company has a market cap of $20.94 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 1.64 and a beta of -0.07.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $4.36 EPS. As a group, research analysts expect that Biogen Inc. will post 16.41 EPS for the current fiscal year.

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC bought a new stake in shares of Biogen in the third quarter valued at approximately $33,000. Venturi Wealth Management LLC boosted its holdings in Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares during the period. Itau Unibanco Holding S.A. grew its position in Biogen by 63.8% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 90 shares during the last quarter. FSA Wealth Management LLC bought a new position in shares of Biogen during the 3rd quarter worth about $74,000. Finally, TD Private Client Wealth LLC raised its position in shares of Biogen by 25.0% during the third quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock valued at $75,000 after buying an additional 77 shares during 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.