Biogen (BIIB) Rating Lowered to Underweight at Morgan Stanley

Biogen (NASDAQ:BIIB) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “underweight” rating in a note issued to investors on Friday, March 22nd, Marketbeat.com reports. They presently have a $210.00 price objective on the biotechnology company’s stock, down from their prior price objective of $401.00. Morgan Stanley’s price target indicates a potential downside of 9.63% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. BMO Capital Markets started coverage on shares of Biogen in a report on Friday, February 22nd. They set a “market perform” rating and a $322.00 price target for the company. Mizuho set a $427.00 price objective on shares of Biogen and gave the company a “buy” rating in a research report on Tuesday, January 29th. Oppenheimer cut their price objective on shares of Biogen from $380.00 to $372.00 and set an “outperform” rating for the company in a research report on Tuesday, December 18th. Royal Bank of Canada cut their price objective on shares of Biogen to $338.00 and set a “sector perform” rating for the company in a research report on Monday, November 26th. Finally, ValuEngine lowered shares of Biogen from a “hold” rating to a “sell” rating in a research report on Wednesday, December 19th. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the company’s stock. Biogen currently has an average rating of “Hold” and an average target price of $295.04.

Shares of NASDAQ BIIB traded down $2.13 during mid-day trading on Friday, reaching $232.37. The company had a trading volume of 1,521,190 shares, compared to its average volume of 2,063,774. Biogen has a twelve month low of $216.12 and a twelve month high of $388.67. The company has a current ratio of 2.32, a quick ratio of 2.04 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $46.13 billion, a PE ratio of 8.87, a price-to-earnings-growth ratio of 0.91 and a beta of 1.04.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, January 29th. The biotechnology company reported $6.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $6.72 by $0.27. The firm had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Biogen had a net margin of 32.94% and a return on equity of 40.53%. Biogen’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $5.26 earnings per share. As a group, analysts predict that Biogen will post 28.81 EPS for the current year.

In related news, Director Alexander J. Denner acquired 7,000 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The shares were acquired at an average cost of $328.45 per share, for a total transaction of $2,299,150.00. Following the completion of the acquisition, the director now directly owns 10,909 shares in the company, valued at approximately $3,583,061.05. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexander J. Denner acquired 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 30th. The shares were bought at an average price of $324.86 per share, for a total transaction of $9,745,800.00. Following the completion of the acquisition, the director now owns 10,909 shares of the company’s stock, valued at $3,543,897.74. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company’s stock.

Large investors have recently modified their holdings of the stock. Eagle Asset Management Inc. purchased a new stake in shares of Biogen in the 3rd quarter valued at $207,000. CI Investments Inc. purchased a new stake in Biogen during the 3rd quarter worth about $3,018,000. Bank of Hawaii purchased a new stake in Biogen during the 3rd quarter worth about $371,000. Canada Pension Plan Investment Board increased its holdings in Biogen by 198.0% during the 3rd quarter. Canada Pension Plan Investment Board now owns 504,918 shares of the biotechnology company’s stock worth $178,393,000 after purchasing an additional 335,481 shares during the period. Finally, Carret Asset Management LLC purchased a new stake in Biogen during the 3rd quarter worth about $204,000. Institutional investors and hedge funds own 89.19% of the company’s stock.

About Biogen

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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