Biogen Inc. (NASDAQ:BIIB) Stock Position Reduced by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 3.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,325 shares of the biotechnology company’s stock after selling 191 shares during the period. Brown Brothers Harriman & Co.’s holdings in Biogen were worth $1,234,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Leo Wealth LLC bought a new stake in Biogen in the fourth quarter worth approximately $2,265,000. Duality Advisers LP bought a new stake in Biogen in the first quarter worth approximately $1,290,000. Tocqueville Asset Management L.P. grew its position in Biogen by 924.4% in the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after acquiring an additional 41,690 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Biogen by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after acquiring an additional 3,380 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in Biogen by 235.1% in the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after acquiring an additional 10,425 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on BIIB shares. Truist Financial reissued a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Piper Sandler decreased their price objective on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Wells Fargo & Company decreased their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Mizuho decreased their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Finally, Royal Bank of Canada upped their price objective on shares of Biogen from $282.00 to $292.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $275.52.

Biogen Trading Up 2.0 %

Shares of BIIB stock opened at $199.58 on Tuesday. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $269.43. The stock has a market cap of $29.06 billion, a price-to-earnings ratio of 24.92, a P/E/G ratio of 2.01 and a beta of -0.06. 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 firm has a fifty day moving average of $209.95 and a 200-day moving average of $215.55.

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

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.