Thrivent Financial for Lutherans Lowers Position in Biogen Inc. (NASDAQ:BIIB)

Thrivent Financial for Lutherans cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 4.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 192,507 shares of the biotechnology company’s stock after selling 8,889 shares during the period. Thrivent Financial for Lutherans owned about 0.13% of Biogen worth $44,627,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BIIB. Dynamic Technology Lab Private Ltd purchased a new position in Biogen during the fourth quarter valued at $213,000. Corient Private Wealth LLC lifted its position in Biogen by 37.1% during the fourth quarter. Corient Private Wealth LLC now owns 31,212 shares of the biotechnology company’s stock valued at $8,077,000 after purchasing an additional 8,453 shares in the last quarter. Assetmark Inc. lifted its position in Biogen by 3.3% during the fourth quarter. Assetmark Inc. now owns 5,035 shares of the biotechnology company’s stock valued at $1,303,000 after purchasing an additional 161 shares in the last quarter. SageView Advisory Group LLC lifted its position in Biogen by 8.2% during the fourth quarter. SageView Advisory Group LLC now owns 951 shares of the biotechnology company’s stock valued at $235,000 after purchasing an additional 72 shares in the last quarter. Finally, Team Hewins LLC purchased a new position in shares of Biogen in the fourth quarter valued at about $227,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Trading Down 1.0 %

Shares of BIIB stock opened at $199.36 on Monday. Biogen Inc. has a 1 year low of $189.44 and a 1 year high of $269.43. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The stock’s 50 day simple moving average is $207.31 and its two-hundred day simple moving average is $214.98. The company has a market cap of $29.03 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share 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 firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the business posted $4.02 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. Research analysts predict that Biogen Inc. will post 16.12 earnings per share for the current year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the 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 sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

BIIB has been the topic of several research analyst reports. Barclays lowered their price objective on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Piper Sandler lowered 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. Royal Bank of Canada restated an “outperform” rating and issued a $292.00 price objective on shares of Biogen in a research report on Thursday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a research report on Monday, September 9th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $275.52.

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.