Nisa Investment Advisors LLC Sells 6,735 Shares of Biogen Inc. (NASDAQ:BIIB)

Nisa Investment Advisors LLC lowered its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 11.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 49,793 shares of the biotechnology company’s stock after selling 6,735 shares during the period. Nisa Investment Advisors LLC’s holdings in Biogen were worth $9,652,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Arlington Partners LLC grew its position in shares of Biogen by 34.3% during the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock worth $3,724,000 after buying an additional 4,902 shares during the period. Duality Advisers LP acquired a new stake in Biogen in the first quarter worth $1,290,000. Tocqueville Asset Management L.P. grew its holdings 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 worth $9,962,000 after purchasing an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake 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 in the last quarter. Finally, Cetera Investment Advisers raised its holdings in shares of Biogen by 235.1% during 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. 87.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BIIB. Mizuho decreased their target price on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and set a $292.00 price objective on shares of Biogen in a report on Monday, September 9th. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 target price on shares of Biogen in a report on Wednesday. Piper Sandler decreased their price target on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Finally, Scotiabank lowered their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Nine investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $270.74.

Biogen Price Performance

BIIB opened at $181.18 on Thursday. Biogen Inc. has a fifty-two week low of $177.93 and a fifty-two week high of $268.30. The firm has a 50-day moving average of $193.92 and a 200 day moving average of $209.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The firm 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 released its 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. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.02 EPS. On average, research analysts expect 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 the business’s stock in a transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.16% of the stock is owned by corporate insiders.

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.