Biogen Inc. (NASDAQ:BIIB) Shares Sold by Bank of Montreal Can

Bank of Montreal Can lowered its position in Biogen Inc. (NASDAQ:BIIB) by 1.0% in the second quarter, HoldingsChannel reports. The firm owned 234,331 shares of the biotechnology company’s stock after selling 2,484 shares during the period. Bank of Montreal Can’s holdings in Biogen were worth $57,411,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BIIB. Leo Wealth LLC acquired a new stake in shares of Biogen during the 4th quarter worth approximately $2,265,000. Duality Advisers LP acquired a new stake in Biogen during the first quarter worth $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. lifted its stake in shares of Biogen by 0.9% in the 1st 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 last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Biogen by 235.1% during the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after purchasing an additional 10,425 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Price Performance

Shares of BIIB opened at $189.07 on Thursday. The firm has a market capitalization of $27.54 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 1.97 and a beta of -0.06. The firm’s fifty day simple moving average is $206.18 and its 200-day simple moving average is $214.61. Biogen Inc. has a twelve month low of $188.78 and a twelve month high of $269.43. 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 posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share 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 for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period last year, the firm earned $4.02 earnings per share. Biogen’s quarterly revenue was up .4% on a year-over-year basis. Equities analysts forecast that Biogen Inc. will post 16.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BIIB shares. Royal Bank of Canada restated an “outperform” rating and issued a $292.00 price objective on shares of Biogen in a report on Thursday, September 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a report on Monday, September 9th. Wells Fargo & Company dropped their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Piper Sandler decreased their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Finally, Wedbush dropped their price objective on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.30.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is owned by corporate insiders.

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.