Park Avenue Securities LLC Trims Stock Position in Biogen Inc. (NASDAQ:BIIB)

Park Avenue Securities LLC trimmed its stake in Biogen Inc. (NASDAQ:BIIB) by 12.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,307 shares of the biotechnology company’s stock after selling 323 shares during the period. Park Avenue Securities LLC’s holdings in Biogen were worth $353,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. AE Wealth Management LLC purchased a new position in shares of Biogen during the second quarter worth about $259,000. Public Sector Pension Investment Board lifted its holdings in shares of Biogen by 77.1% during the second quarter. Public Sector Pension Investment Board now owns 5,661 shares of the biotechnology company’s stock worth $1,312,000 after purchasing an additional 2,465 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Biogen by 60.9% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 27,838 shares of the biotechnology company’s stock valued at $6,453,000 after buying an additional 10,539 shares during the last quarter. Insigneo Advisory Services LLC increased its stake in Biogen by 10.4% in the 2nd quarter. Insigneo Advisory Services LLC now owns 1,854 shares of the biotechnology company’s stock valued at $430,000 after buying an additional 174 shares during the period. Finally, AQR Capital Management LLC raised its position in Biogen by 270.3% during the 2nd quarter. AQR Capital Management LLC now owns 23,557 shares of the biotechnology company’s stock worth $5,461,000 after buying an additional 17,195 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BIIB has been the topic of a number of recent analyst reports. BMO Capital Markets lowered shares of Biogen from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $230.00 to $164.00 in a research note on Friday, December 20th. Wolfe Research started coverage on Biogen in a research report on Friday, November 15th. They set a “peer perform” rating on the stock. Mizuho reduced their price target on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. Robert W. Baird increased their price objective on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Finally, UBS Group reduced their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Sixteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $230.00.

Biogen Stock Up 1.8 %

Shares of BIIB opened at $146.20 on Friday. Biogen Inc. has a fifty-two week low of $139.71 and a fifty-two week high of $251.99. The company’s fifty day moving average is $152.21 and its two-hundred day moving average is $182.52. The firm has a market cap of $21.30 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.64 and a beta of -0.07. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.36 earnings per share. Analysts forecast that Biogen Inc. will post 16.41 earnings per share for the current year.

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.