Edgestream Partners L.P. Sells 721 Shares of Biogen Inc. (NASDAQ:BIIB)

Edgestream Partners L.P. decreased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 43.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 929 shares of the biotechnology company’s stock after selling 721 shares during the period. Edgestream Partners L.P.’s holdings in Biogen were worth $215,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BIIB. Vanguard Group Inc. raised its stake in shares of Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after acquiring an additional 2,218,744 shares during the last quarter. FIL Ltd raised its stake in shares of Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after acquiring an additional 593,158 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after acquiring an additional 571,795 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Biogen by 22.2% in the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after acquiring an additional 316,144 shares during the last quarter. Finally, RA Capital Management L.P. raised its stake in shares of Biogen by 39.0% in the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after acquiring an additional 207,835 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

Shares of BIIB stock opened at $195.81 on Tuesday. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $269.43. The firm has a market capitalization of $28.51 billion, a price-to-earnings ratio of 24.45, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The firm has a fifty day moving average of $206.79 and a 200-day moving average of $214.82.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.02 EPS. On average, equities research analysts forecast that Biogen Inc. will post 16.12 earnings per share for the current year.

Insider Activity at Biogen

In related 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 value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on BIIB. Piper Sandler cut their target price on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Wedbush lowered their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday. Royal Bank of Canada reissued an “outperform” rating and issued a $292.00 price target on shares of Biogen in a report on Thursday, September 19th. Scotiabank lowered their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Eight research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $275.30.

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.