Biogen (NASDAQ:BIIB) Trading Up 3.5% - Here's Why

On Tuesday, shares of Biogen Inc. (NASDAQ:BIIB) experienced a notable increase of 3.5%, rising to a high of $146.42 before settling at $146.67. During the trading session, 368,470 shares were exchanged, which is a significant 74% decrease compared to the average volume of 1,439,676 shares. The previous closing price of the stock was $141.71.

Wall Street Analysts Forecast Growth

• Biogen Stock Is Mutating Into a Value Play

Recently, various research analysts have shared their opinions on Biogen's stock. Piper Sandler maintained a "neutral" rating but lowered the target price from $138.00 to $135.00 in a report dated February 18. Similarly, BMO Capital Markets adjusted their price target downward from $156.00 to $139.00, keeping a "market perform" rating as of February 13. The Goldman Sachs Group also revised their forecast, reducing the target price from $281.00 to $245.00 while sustaining a "buy" rating. Stifel Nicolaus downgraded their rating from "buy" to "hold" with a target price of $175.00 reported on December 16. Lastly, Jefferies Financial Group lowered their rating from "buy" to "hold" and revised their price target from $250.00 to $180.00 in their report on December 9. Overall, MarketBeat data suggests that out of numerous analysts, seventeen have rated the stock as a hold and fourteen have issued buy recommendations, yielding a consensus rating of "Hold" with an average target price of $213.33.

Read Our Latest Stock Analysis on BIIB

Biogen Stock Up 2.5 %

• These 3 Stocks Are Screaming Oversold: Seize the Opportunity

The company's 50-day moving average stands at $144.00, while its 200-day moving average is at $167.11. Biogen's current market capitalization is $21.57 billion, with a price-to-earnings (P/E) ratio of 13.17 and a P/E/G ratio of 1.51. Additionally, Biogen's beta is -0.08, which indicates it is less volatile than the overall market. The company's financial health is further represented by a debt-to-equity ratio of 0.27, a quick ratio of 0.90, and a current ratio of 1.35.

Biogen's most recent quarterly earnings, announced on February 12, revealed that the company had earnings per share of $3.44, surpassing analysts' expectations of $3.43 by $0.01. They also reported a net margin of 16.87% alongside a return on equity of 14.98%. Analysts project that Biogen will achieve earnings per share of 15.83 for the current year.

Institutional Inflows and Outflows

• Alzheimer's Drug Stocks: Investing in Eli Lilly, Biogen, Roche

Several institutional investors and hedge funds have made significant changes to their positions in Biogen recently. For instance, Pacer Advisors Inc. made an astonishing increase of 13,574.7% in its holdings during the fourth quarter, now possessing 2,667,531 shares valued at approximately $407.92 million. Norges Bank entered a new position in Biogen during the same quarter, valued around $355.57 million. Additionally, Van ECK Associates Corp amplified their stake in Biogen by an impressive 977.9% during the fourth quarter, holding 1,066,460 shares worth about $163.08 million. Invesco Ltd. also increased their holdings by 30.6%, acquiring 2,128,807 shares valued at roughly $325.54 million. Lastly, AQR Capital Management LLC raised their stake by 982.0%, owning 539,692 shares valued at about $81.91 million. Notably, institutional entities own approximately 87.93% of Biogen’s stock.

Biogen Company Profile

Founded in 1978, Biogen Inc. is known for discovering, developing, manufacturing, and delivering therapies for neurological and neurodegenerative diseases worldwide. Its portfolio includes TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA, which are primarily used for treating multiple sclerosis. Biogen also provides SPINRAZA for spinal muscular atrophy and ADUHELM to address Alzheimer's disease, along with a variety of biosimilars.

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This information is generated for the purpose of providing financial insights and has been reviewed for accuracy. Readers are encouraged to conduct their research before making any investment decisions.

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