Clearbridge Investments LLC Has $242,000 Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Clearbridge Investments LLC reduced its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 99.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,584 shares of the biotechnology company's stock after selling 600,402 shares during the quarter. Clearbridge Investments LLC's holdings in Biogen were worth $242,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BIIB. Lee Danner & Bass Inc. acquired a new stake in Biogen in the fourth quarter valued at $25,000. Larson Financial Group LLC grew its position in shares of Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock valued at $25,000 after buying an additional 141 shares during the last quarter. SRS Capital Advisors Inc. acquired a new stake in shares of Biogen in the fourth quarter valued at about $33,000. OFI Invest Asset Management bought a new position in shares of Biogen during the fourth quarter worth about $32,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Biogen in the fourth quarter worth approximately $41,000. Institutional investors own 87.93% of the company's stock.

Biogen Stock Down 0.5 %

BIIB stock opened at $130.71 on Friday. The stock's 50 day moving average is $141.14 and its 200-day moving average is $158.43. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00. The firm has a market capitalization of $19.13 billion, a PE ratio of 11.68, a P/E/G ratio of 1.51 and a beta of 0.01. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Remove Ads

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Sell-side analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on BIIB. Piper Sandler restated a "neutral" rating and set a $135.00 price target (down previously from $138.00) on shares of Biogen in a report on Tuesday, February 18th. HC Wainwright lowered their target price on shares of Biogen from $300.00 to $241.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Canaccord Genuity Group dropped their target price on shares of Biogen from $298.00 to $265.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Bank Of America (Bofa) decreased their price target on Biogen from $178.00 to $163.00 and set a "neutral" rating for the company in a report on Tuesday, February 11th. Finally, Wells Fargo & Company dropped their price objective on Biogen from $165.00 to $140.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Biogen currently has a consensus rating of "Hold" and a consensus price target of $213.33.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This represents a 43.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.