Biogen Inc. (NASDAQ:BIIB) Shares Sold by PFG Investments LLC

PFG Investments LLC lowered its position in Biogen Inc. (NASDAQ:BIIB) by 3.3% during the third quarter, Holdings Channel.com reports. The fund owned 1,692 shares of the biotechnology company’s stock after selling 57 shares during the quarter. PFG Investments LLC’s holdings in Biogen were worth $328,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arlington Partners LLC boosted its holdings in Biogen by 34.3% in the third quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after acquiring an additional 4,902 shares during the last quarter. Duality Advisers LP purchased a new position in Biogen in the first quarter valued at about $1,290,000. Tocqueville Asset Management L.P. raised 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 valued at $9,962,000 after purchasing an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised 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 valued at $83,337,000 after purchasing an additional 3,380 shares during the period. Finally, Cetera Investment Advisers raised 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 valued at $3,204,000 after purchasing an additional 10,425 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of BIIB stock opened at $181.18 on Thursday. 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 business has a 50 day moving average of $193.92 and a two-hundred day moving average of $209.77. Biogen Inc. has a 52 week low of $177.93 and a 52 week high of $268.30. The company has a market cap of $26.38 billion, a P/E ratio of 22.62, a PEG ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the previous year, the firm posted $4.02 earnings per share. Biogen’s quarterly revenue was up .4% compared to the same quarter last year. As a group, analysts anticipate that Biogen Inc. will post 16.14 EPS for the current year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.16% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Scotiabank cut their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. BMO Capital Markets cut their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Piper Sandler cut their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Robert W. Baird dropped their target price on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Finally, StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $270.74.

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.