Meeder Asset Management Inc. reduced its position in shares of Biogen Inc. (NASDAQ:BIIB – Free Report) by 25.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 954 shares of the biotechnology company’s stock after selling 319 shares during the quarter. Meeder Asset Management Inc.’s holdings in Biogen were worth $185,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. First Horizon Advisors Inc. increased its holdings in Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares during the last quarter. Plato Investment Management Ltd grew its position in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the period. CWM LLC increased its stake in shares of Biogen by 1.7% in the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock worth $873,000 after purchasing an additional 62 shares in the last quarter. Quintet Private Bank Europe S.A. raised its holdings in Biogen by 9.7% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after purchasing an additional 63 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Biogen by 1.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock valued at $1,419,000 after purchasing an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. UBS Group reduced their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Barclays reduced their target price on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Wells Fargo & Company lowered their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Wolfe Research assumed coverage on shares of Biogen in a research note on Friday, November 15th. They issued a “peer perform” rating for the company. Finally, Royal Bank of Canada lowered their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and a consensus target price of $258.96.
Insider Activity at Biogen
In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.16% of the stock is currently owned by insiders.
Biogen Stock Down 1.6 %
Shares of NASDAQ BIIB opened at $155.43 on Wednesday. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 12-month low of $155.28 and a 12-month high of $268.30. The firm’s 50-day moving average price is $184.26 and its 200-day moving average price is $206.44. The stock has a market capitalization of $22.65 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 1.52 and a beta of -0.06.
Biogen (NASDAQ:BIIB – Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.36 earnings per share. On average, equities research analysts anticipate that Biogen Inc. will post 16.42 EPS for the current fiscal year.
Biogen 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.
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