BTIG Research Downgrades Biogen (NASDAQ:BIIB) to Neutral

Biogen (NASDAQ:BIIB) was downgraded by BTIG Research from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, March 21st, The Fly reports.

Other analysts also recently issued reports about the stock. Stifel Nicolaus boosted their target price on shares of Biogen from $392.00 to $397.00 and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Oppenheimer set a $372.00 target price on shares of Biogen and gave the stock a “buy” rating in a research report on Friday, January 25th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Biogen in a research report on Thursday, January 10th. BidaskClub raised shares of Biogen from a “hold” rating to a “buy” rating in a research report on Thursday, December 13th. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $400.00 target price on shares of Biogen in a research report on Wednesday, December 12th. Two investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $295.04.

Biogen stock traded down $2.13 during trading hours on Thursday, hitting $232.37. The company had a trading volume of 1,521,190 shares, compared to its average volume of 2,063,774. The firm has a market cap of $46.13 billion, a PE ratio of 8.87, a P/E/G ratio of 0.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.04 and a current ratio of 2.32. Biogen has a fifty-two week low of $216.12 and a fifty-two week high of $388.67.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, January 29th. The biotechnology company reported $6.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $6.72 by $0.27. The firm had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.39 billion. Biogen had a net margin of 32.94% and a return on equity of 40.53%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.26 EPS. Equities analysts anticipate that Biogen will post 28.81 EPS for the current fiscal year.

In related news, Director Robert W. Pangia sold 6,114 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $328.55, for a total transaction of $2,008,754.70. Following the completion of the sale, the director now owns 24,701 shares in the company, valued at approximately $8,115,513.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexander J. Denner bought 7,000 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The shares were purchased at an average price of $328.45 per share, with a total value of $2,299,150.00. Following the transaction, the director now directly owns 10,909 shares in the company, valued at $3,583,061.05. The disclosure for this purchase can be found here. 0.29% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in BIIB. MML Investors Services LLC grew its holdings in Biogen by 120.1% during the 3rd quarter. MML Investors Services LLC now owns 6,636 shares of the biotechnology company’s stock worth $2,345,000 after acquiring an additional 3,621 shares during the last quarter. Eagle Asset Management Inc. bought a new stake in Biogen during the 3rd quarter worth about $207,000. CI Investments Inc. bought a new stake in Biogen during the 3rd quarter worth about $3,018,000. American International Group Inc. grew its holdings in Biogen by 0.7% during the 3rd quarter. American International Group Inc. now owns 96,387 shares of the biotechnology company’s stock worth $34,054,000 after acquiring an additional 701 shares during the last quarter. Finally, BSW Wealth Partners bought a new stake in Biogen during the 3rd quarter worth about $362,000. Institutional investors and hedge funds own 89.19% of the company’s stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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The Fly

Analyst Recommendations for Biogen (NASDAQ:BIIB)

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