Massachusetts Financial Services Co. MA Decreases Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Massachusetts Financial Services Co. MA lessened its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 4.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 548,673 shares of the biotechnology company’s stock after selling 26,302 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.38% of Biogen worth $127,193,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Livelsberger Financial Advisory purchased a new stake in Biogen in the fourth quarter worth approximately $26,000. Plato Investment Management Ltd boosted its stake in shares of Biogen by 82.8% in the 1st 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. Rise Advisors LLC purchased a new stake in Biogen during the first quarter valued at $27,000. Versant Capital Management Inc lifted its holdings in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares during the period. Finally, EntryPoint Capital LLC purchased a new position in Biogen in the first quarter worth about $36,000. 87.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. 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 research report on Friday, August 2nd. Royal Bank of Canada raised their target price on Biogen from $282.00 to $292.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Robert W. Baird cut their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Eight 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $275.52.

Biogen Price Performance

NASDAQ:BIIB opened at $197.59 on Thursday. The business’s 50-day moving average is $208.63 and its 200 day moving average is $215.26. Biogen Inc. has a 12 month low of $189.44 and a 12 month high of $269.43. The company has a market capitalization of $28.77 billion, a P/E ratio of 24.67, a P/E/G ratio of 2.01 and a beta of -0.06. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the firm earned $4.02 EPS. The company’s revenue for the quarter 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.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $1,085,633.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by company insiders.

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.