Biogen (NASDAQ:BIIB) Now Covered by Citigroup

Citigroup initiated coverage on shares of Biogen (NASDAQ:BIIB) in a report published on Thursday, Marketbeat reports. The firm issued a neutral rating and a $190.00 target price on the biotechnology company’s stock.

A number of other brokerages also recently commented on BIIB. Wedbush cut their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. JPMorgan Chase & Co. cut their target price on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Needham & Company LLC restated a “buy” rating and issued a $270.00 price target on shares of Biogen in a report on Wednesday, October 30th. Scotiabank lowered their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Finally, Royal Bank of Canada decreased their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Twelve investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $258.96.

Biogen Trading Down 2.9 %

Shares of BIIB traded down $4.82 during midday trading on Thursday, reaching $160.07. The company had a trading volume of 1,343,915 shares, compared to its average volume of 1,166,970. 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 has a 1-year low of $159.60 and a 1-year high of $268.30. The firm has a 50 day simple moving average of $186.80 and a 200-day simple moving average of $207.77. The stock has a market cap of $23.33 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company 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 posted $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. Research analysts forecast that Biogen will post 16.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.16% of the company’s stock.

Institutional Trading of Biogen

Several institutional investors have recently made changes to their positions in BIIB. Envestnet Portfolio Solutions Inc. grew its stake in shares of Biogen by 2.4% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,295 shares of the biotechnology company’s stock worth $711,000 after acquiring an additional 76 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of Biogen by 2.0% during the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after buying an additional 51 shares in the last quarter. Blair William & Co. IL raised its position in 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 last quarter. Nwam LLC grew its holdings in Biogen by 6.3% in the 1st quarter. Nwam LLC now owns 1,324 shares of the biotechnology company’s stock valued at $290,000 after buying an additional 78 shares during the period. Finally, Motco increased its stake in Biogen by 21,900.0% during the 1st quarter. Motco now owns 220 shares of the biotechnology company’s stock worth $47,000 after buying an additional 219 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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.