IFM Investors Pty Ltd Trims Stake in Biogen Inc. (NASDAQ:BIIB)

IFM Investors Pty Ltd reduced its position in shares of Biogen Inc. (NASDAQ:BIIB) by 0.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,013 shares of the biotechnology company’s stock after selling 247 shares during the period. IFM Investors Pty Ltd’s holdings in Biogen were worth $6,593,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BIIB. Kingswood Wealth Advisors LLC bought a new position in Biogen in the first quarter valued at $336,000. Sunbelt Securities Inc. increased its stake in Biogen by 106.9% in the first quarter. Sunbelt Securities Inc. now owns 627 shares of the biotechnology company’s stock valued at $135,000 after acquiring an additional 324 shares during the last quarter. Atticus Wealth Management LLC bought a new position in Biogen in the first quarter valued at $43,000. Financial Partners Group LLC bought a new position in Biogen in the first quarter valued at $226,000. Finally, Diversified Trust Co increased its stake in Biogen by 85.1% in the first quarter. Diversified Trust Co now owns 20,860 shares of the biotechnology company’s stock valued at $4,498,000 after acquiring an additional 9,588 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Price Performance

BIIB stock opened at $181.69 on Friday. The firm has a 50 day moving average price of $195.69 and a 200-day moving average price of $210.29. Biogen Inc. has a 52-week low of $181.24 and a 52-week high of $268.30. The firm has a market capitalization of $26.46 billion, a price-to-earnings ratio of 22.88, a PEG ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.00 by $1.28. The company 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 firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $4.02 earnings per share. Equities research analysts forecast that Biogen Inc. will post 16.14 EPS for the current fiscal year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Piper Sandler reduced their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. UBS Group reduced their price objective on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Mizuho reduced their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Royal Bank of Canada reduced their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $271.39.

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.