Great Valley Advisor Group Inc. Sells 260 Shares of Biogen Inc. (NASDAQ:BIIB)

Great Valley Advisor Group Inc. lessened its stake in Biogen Inc. (NASDAQ:BIIB) by 7.5% during the third quarter, Holdings Channel reports. The firm owned 3,229 shares of the biotechnology company’s stock after selling 260 shares during the period. Great Valley Advisor Group Inc.’s holdings in Biogen were worth $626,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BIIB. Principal Financial Group Inc. raised its position in Biogen by 3.2% in the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after buying an additional 5,270 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Biogen by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after acquiring an additional 12,319 shares in the last quarter. Arlington Partners LLC raised its holdings in shares of Biogen by 34.3% in the third quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after purchasing an additional 4,902 shares during the last quarter. Cetera Investment Advisers lifted its position 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 in the last quarter. Finally, National Pension Service boosted its holdings in Biogen by 10.1% during the third quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock worth $69,699,000 after purchasing an additional 32,914 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s 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 transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

BIIB has been the subject of several analyst reports. TD Cowen decreased their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Oppenheimer decreased their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Morgan Stanley cut Biogen from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Needham & Company LLC cut Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price on the stock. in a research note on Monday, November 18th. Finally, Robert W. Baird boosted their price target on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $257.20.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $157.69 on Wednesday. The company has a 50 day moving average of $180.22 and a 200 day moving average of $204.22. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The stock has a market cap of $22.98 billion, a P/E ratio of 14.24, a P/E/G ratio of 1.49 and a beta of -0.06. Biogen Inc. has a 12 month low of $153.62 and a 12 month high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 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 firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the business earned $4.36 EPS. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts forecast that Biogen Inc. will post 16.44 EPS for the current fiscal year.

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.