Advisory Services Network LLC Trims Stake in Biogen Inc. (NASDAQ:BIIB)

Advisory Services Network LLC reduced its holdings in Biogen Inc. (NASDAQ:BIIB) by 15.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,722 shares of the biotechnology company’s stock after selling 484 shares during the quarter. Advisory Services Network LLC’s holdings in Biogen were worth $416,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of BIIB. Vanguard Group Inc. increased its position in shares of Biogen by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company’s stock worth $2,561,238,000 after purchasing an additional 70,368 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Biogen by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company’s stock worth $563,709,000 after buying an additional 82,456 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of Biogen by 13,574.7% during the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after buying an additional 2,648,024 shares in the last quarter. Norges Bank bought a new stake in shares of Biogen during the 4th quarter worth $355,569,000. Finally, Invesco Ltd. grew its position in Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock worth $325,537,000 after acquiring an additional 499,074 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Trading Down 1.4 %

BIIB opened at $115.29 on Thursday. 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 Inc. has a 52 week low of $110.04 and a 52 week high of $238.00. The stock has a market cap of $16.88 billion, a PE ratio of 10.30, a PEG ratio of 1.51 and a beta of 0.06. The business has a 50 day moving average of $135.18 and a 200-day moving average of $152.70.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BIIB. Bank Of America (Bofa) dropped their price target on Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. Royal Bank of Canada cut their target price on Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Wells Fargo & Company decreased their price target on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 13th. Sanford C. Bernstein began coverage on shares of Biogen in a research note on Tuesday, February 11th. They issued a “market perform” rating and a $160.00 price objective for the company. Finally, HC Wainwright decreased their target price on shares of Biogen from $300.00 to $241.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Eighteen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $213.15.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction on 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 sale, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.16% 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.