Biogen (NASDAQ:BIIB) was downgraded by stock analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a report issued on Friday, The Fly reports.
Other equities research analysts have also recently issued reports about the stock. Mizuho set a $423.00 price objective on shares of Biogen and gave the company a “buy” rating in a research note on Friday, June 29th. BidaskClub cut shares of Biogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 29th. Oppenheimer set a $400.00 price objective on shares of Biogen and gave the company a “buy” rating in a research note on Friday. UBS Group increased their price objective on shares of Biogen from $354.00 to $395.00 and gave the company a “buy” rating in a research note on Thursday, July 26th. Finally, Citigroup increased their price objective on shares of Biogen to $483.00 and gave the company a “positive” rating in a research note on Thursday, July 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. Biogen presently has a consensus rating of “Buy” and a consensus target price of $381.97.
NASDAQ:BIIB opened at $330.15 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.06 and a current ratio of 2.36. Biogen has a fifty-two week low of $249.17 and a fifty-two week high of $388.67. The firm has a market cap of $68.13 billion, a PE ratio of 15.14, a P/E/G ratio of 1.31 and a beta of 0.86.
In other Biogen news, EVP Michael D. Ehlers sold 1,000 shares of the company’s stock in a transaction dated Wednesday, September 26th. The shares were sold at an average price of $350.00, for a total value of $350,000.00. Following the transaction, the executive vice president now directly owns 4,281 shares in the company, valued at approximately $1,498,350. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in BIIB. Verition Fund Management LLC purchased a new position in Biogen in the 1st quarter valued at about $586,000. Rainier Group Investment Advisory LLC purchased a new position in Biogen in the 1st quarter valued at about $100,000. Private Capital Group LLC lifted its holdings in Biogen by 1,029.8% in the 1st quarter. Private Capital Group LLC now owns 531 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 484 shares in the last quarter. Summit Trail Advisors LLC lifted its holdings in Biogen by 29.7% in the 1st quarter. Summit Trail Advisors LLC now owns 7,779 shares of the biotechnology company’s stock valued at $1,491,000 after purchasing an additional 1,780 shares in the last quarter. Finally, Redwood Investments LLC purchased a new position in shares of Biogen during the 1st quarter worth about $1,823,000. Institutional investors own 87.55% of the company’s stock.
Biogen Company Profile
Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
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