Biogen (NASDAQ:BIIB) Cut to Hold at Argus

Argus downgraded shares of Biogen (NASDAQ:BIIB) from a buy rating to a hold rating in a research report sent to investors on Friday, Marketbeat Ratings reports.

BIIB has been the topic of a number of other research reports. Truist Financial decreased their target price on shares of Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Bank of America reaffirmed a “neutral” rating and issued a $178.00 price objective on shares of Biogen in a research report on Tuesday, December 10th. Morgan Stanley reduced their target price on Biogen from $192.00 to $157.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 13th. Canaccord Genuity Group lowered their price target on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Finally, Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective on the stock. in a report on Monday, December 16th. Eighteen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $213.33.

Biogen Stock Performance

NASDAQ BIIB opened at $122.98 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. Biogen has a fifty-two week low of $122.77 and a fifty-two week high of $238.00. The business has a fifty day moving average of $140.68 and a 200-day moving average of $157.34. The stock has a market cap of $18.00 billion, a price-to-earnings ratio of 10.99, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. As a group, analysts predict that Biogen will post 15.83 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company’s stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Pacer Advisors Inc. boosted its holdings in Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the period. Norges Bank bought a new position in shares of Biogen in the 4th quarter worth about $355,569,000. Van ECK Associates Corp boosted its holdings in shares of Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after buying an additional 967,523 shares during the period. Invesco Ltd. grew its position in shares of Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after buying an additional 499,074 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Biogen by 982.0% during the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company’s stock worth $81,914,000 after acquiring an additional 489,811 shares during the period. Institutional investors 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.