GAMMA Investing LLC Decreases Stake in Biogen Inc. (NASDAQ:BIIB)

GAMMA Investing LLC lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 34.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 826 shares of the biotechnology company’s stock after selling 437 shares during the period. GAMMA Investing LLC’s holdings in Biogen were worth $160,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Plato Investment Management Ltd raised its holdings in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Biogen during the fourth quarter worth $26,000. Rise Advisors LLC purchased a new position in shares of Biogen during the first quarter worth $27,000. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen during the second quarter worth $33,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Biogen during the first quarter worth $36,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Robert W. Baird reduced their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Mizuho cut 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. Scotiabank cut their price objective 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. Barclays cut their price objective on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Wedbush cut their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Nine equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $273.78.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the company’s 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 transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Biogen Stock Performance

Shares of BIIB stock opened at $188.38 on Friday. The firm’s 50 day moving average price is $198.14 and its 200-day moving average price is $211.73. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. Biogen Inc. has a one year low of $181.31 and a one year high of $269.43. The firm has a market cap of $27.43 billion, a P/E ratio of 23.52, a P/E/G ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the business posted $4.02 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities research analysts predict that Biogen Inc. will post 16.13 EPS for the current year.

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.