Biogen Inc. (NASDAQ:BIIB) Shares Sold by PFG Investments LLC

PFG Investments LLC cut its position in Biogen Inc. (NASDAQ:BIIB) by 3.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,692 shares of the biotechnology company’s stock after selling 57 shares during the quarter. PFG Investments LLC’s holdings in Biogen were worth $328,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Arlington Partners LLC lifted its position in 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 acquiring an additional 4,902 shares during the period. Duality Advisers LP acquired a new stake in Biogen during the 1st quarter worth approximately $1,290,000. Tocqueville Asset Management L.P. lifted its position in Biogen by 924.4% during the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after acquiring an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after acquiring an additional 3,380 shares during the period. Finally, Cetera Investment Advisers lifted its position in 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 acquiring an additional 10,425 shares during the period. 87.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

BIIB has been the subject of a number of recent research reports. BMO Capital Markets decreased their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Scotiabank decreased their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Truist Financial reissued a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Piper Sandler cut their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 target price on shares of Biogen in a research note on Monday, September 9th. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $270.74.

Biogen Stock Performance

Biogen stock 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 stock has a fifty day moving average of $193.92 and a two-hundred 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 company has a market capitalization of $26.38 billion, a price-to-earnings ratio of 22.62, a PEG ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter last year, the firm earned $4.02 earnings per share. The business’s revenue was up .4% on a year-over-year basis. On average, analysts anticipate that Biogen Inc. will post 16.14 EPS for the current fiscal year.

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.