Mizuho Downgrades Biogen (BIIB) to Neutral

Mizuho downgraded shares of Biogen (NASDAQ:BIIB) from a buy rating to a neutral rating in a report published on Thursday, March 21st, Benzinga’s Daily Ratings Newsletter reports. They currently have $235.00 price objective on the biotechnology company’s stock, down from their previous price objective of $416.00.

Several other research analysts have also weighed in on BIIB. Royal Bank of Canada dropped their price objective on shares of Biogen to $338.00 and set a sector perform rating on the stock in a research note on Monday, November 26th. Cantor Fitzgerald reiterated a buy rating and issued a $400.00 price objective on shares of Biogen in a research note on Wednesday, December 12th. BidaskClub upgraded shares of Biogen from a hold rating to a buy rating in a research note on Thursday, December 13th. Oppenheimer set a $380.00 price objective on shares of Biogen and gave the company a buy rating in a research note on Wednesday, December 12th. Finally, ValuEngine upgraded shares of Biogen from a sell rating to a hold rating in a research note on Thursday, December 13th. 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.

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

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

In related news, Director Alexander J. Denner purchased 7,000 shares of Biogen stock in a transaction on Friday, February 1st. The stock was purchased at an average cost of $328.45 per share, with a total value of $2,299,150.00. Following the acquisition, the director now directly owns 10,909 shares in the company, valued at $3,583,061.05. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alexander J. Denner purchased 30,000 shares of Biogen stock in a transaction on Wednesday, January 30th. The stock was bought at an average cost of $324.86 per share, with a total value of $9,745,800.00. Following the completion of the acquisition, the director now owns 10,909 shares in the company, valued at $3,543,897.74. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its stake in shares of Biogen by 0.4% in the 4th quarter. BlackRock Inc. now owns 16,568,963 shares of the biotechnology company’s stock valued at $4,985,931,000 after buying an additional 70,603 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Biogen by 27,620.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 14,309,047 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 14,257,427 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Biogen by 6.5% in the 3rd quarter. AQR Capital Management LLC now owns 3,024,037 shares of the biotechnology company’s stock valued at $1,068,422,000 after buying an additional 183,542 shares in the last quarter. Northern Trust Corp raised its stake in shares of Biogen by 4.8% in the 4th quarter. Northern Trust Corp now owns 2,907,306 shares of the biotechnology company’s stock valued at $874,867,000 after buying an additional 133,137 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Biogen by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 2,713,577 shares of the biotechnology company’s stock valued at $815,190,000 after buying an additional 144,464 shares in the last quarter. 89.19% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Biogen (NASDAQ:BIIB)

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