Connor Clark & Lunn Investment Management Ltd. Decreases Stock Position in Biogen Inc. (NASDAQ:BIIB)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 74.3% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 22,744 shares of the biotechnology company’s stock after selling 65,758 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Biogen were worth $4,409,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of BIIB. Plato Investment Management Ltd increased its stake in 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 purchasing an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Biogen during the 2nd quarter worth about $33,000. Ashton Thomas Securities LLC purchased a new stake in Biogen during the 3rd quarter valued at about $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen in the first quarter valued at about $36,000. Finally, Versant Capital Management Inc raised its stake in shares of Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 approximately $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Truist Financial reiterated a “buy” rating and issued a $302.00 price target (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. 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. Wolfe Research assumed coverage on shares of Biogen in a report on Friday, November 15th. They issued a “peer perform” rating on the stock. Wedbush cut their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Finally, Royal Bank of Canada decreased their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $257.20.

Biogen Trading Down 0.1 %

Shares of BIIB stock opened at $157.90 on Friday. Biogen Inc. has a fifty-two week low of $153.62 and a fifty-two week high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The stock’s fifty day moving average is $181.85 and its two-hundred day moving average is $205.22. The firm has a market capitalization of $23.01 billion, a P/E ratio of 14.26, a PEG ratio of 1.49 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the firm posted $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. Research analysts expect that Biogen Inc. will post 16.44 earnings per share for the current fiscal year.

About Biogen

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.