Biogen Inc. (NASDAQ:BIIB) Shares Sold by Prudential PLC

Prudential PLC lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 80.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,508 shares of the biotechnology company’s stock after selling 10,444 shares during the quarter. Prudential PLC’s holdings in Biogen were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Leo Wealth LLC bought a new stake in shares of Biogen during the 4th quarter valued at about $2,265,000. Duality Advisers LP bought a new stake in shares of Biogen during the 1st quarter valued at about $1,290,000. Tocqueville Asset Management L.P. grew its position in shares of Biogen by 924.4% during the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after buying an additional 41,690 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after buying an additional 3,380 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in shares of Biogen by 235.1% during the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after buying an additional 10,425 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.16% of the company’s stock.

Biogen Stock Down 0.6 %

Shares of NASDAQ:BIIB opened at $197.89 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The company has a market cap of $28.81 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 2.03 and a beta of -0.06. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $269.43. The firm has a 50 day simple moving average of $211.12 and a 200 day simple moving average of $215.96.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.02 EPS. As a group, research analysts expect that Biogen Inc. will post 16.12 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BIIB shares. Truist Financial reaffirmed a “buy” rating and set a $302.00 price objective (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Barclays decreased their target price on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Scotiabank decreased their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $285.00 target price on shares of Biogen in a research report on Wednesday, September 4th. Finally, StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.52.

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.