Biogen Inc. (NASDAQ:BIIB) Stake Lowered by Atria Investments Inc

Atria Investments Inc cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 18.9% in the 3rd quarter, Holdings Channel reports. The firm owned 3,538 shares of the biotechnology company’s stock after selling 827 shares during the quarter. Atria Investments Inc’s holdings in Biogen were worth $686,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Edgestream Partners L.P. acquired a new stake in Biogen in the first quarter worth approximately $356,000. O Shaughnessy Asset Management LLC lifted its position in Biogen by 5.0% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,940 shares of the biotechnology company’s stock worth $849,000 after purchasing an additional 188 shares during the period. Seven Eight Capital LP acquired a new stake in Biogen in the first quarter worth approximately $372,000. MQS Management LLC acquired a new stake in Biogen in the first quarter worth approximately $433,000. Finally, LGT Group Foundation acquired a new stake in Biogen in the first quarter worth approximately $75,000. 87.93% of the stock is owned by institutional investors.

Biogen Trading Down 1.6 %

Shares of NASDAQ:BIIB opened at $155.43 on Wednesday. The stock has a market capitalization of $22.65 billion, a PE ratio of 14.04, a P/E/G ratio of 1.52 and a beta of -0.06. Biogen Inc. has a 1 year low of $155.28 and a 1 year high of $268.30. The firm has a fifty day moving average price of $184.26 and a 200 day moving average price of $206.44. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the company earned $4.36 earnings per share. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. Analysts expect that Biogen Inc. will post 16.42 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Barclays cut their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Wolfe Research assumed coverage on Biogen in a research report on Friday, November 15th. They set a “peer perform” rating for the company. Needham & Company LLC downgraded Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a research report on Monday. Finally, Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $285.00 to $204.00 in a research report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $258.96.

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.