D.A. Davidson & CO. Has $388,000 Stock Position in Biogen Inc. (NASDAQ:BIIB)

D.A. Davidson & CO. lessened its stake in Biogen Inc. (NASDAQ:BIIB) by 37.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,003 shares of the biotechnology company’s stock after selling 1,193 shares during the quarter. D.A. Davidson & CO.’s holdings in Biogen were worth $388,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Primecap Management Co. CA boosted its holdings in Biogen by 0.7% during the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Biogen by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after purchasing an additional 12,319 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Biogen by 29.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock worth $137,856,000 after purchasing an additional 162,511 shares in the last quarter. abrdn plc boosted its holdings in shares of Biogen by 6.2% in the 3rd quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock valued at $110,123,000 after buying an additional 33,333 shares during the last quarter. Finally, Swiss National Bank increased its holdings in Biogen by 0.4% during the third quarter. Swiss National Bank now owns 432,100 shares of the biotechnology company’s stock worth $83,758,000 after buying an additional 1,700 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on BIIB. Wedbush cut their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. BMO Capital Markets reduced their price target on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Robert W. Baird upped their price objective on Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $285.00 to $204.00 in a research note on Thursday, October 31st. Finally, Royal Bank of Canada cut their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $257.20.

Biogen Stock Down 2.1 %

NASDAQ BIIB opened at $160.85 on Wednesday. The business has a fifty day moving average price of $176.56 and a two-hundred day moving average price of $201.80. The stock has a market capitalization of $23.44 billion, a PE ratio of 14.53, a PEG ratio of 1.55 and a beta of -0.08. Biogen Inc. has a fifty-two week low of $153.62 and a fifty-two week high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the company earned $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities analysts expect that Biogen Inc. will post 16.45 earnings per share for the current fiscal year.

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.