Franklin Resources Inc. trimmed its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 3.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 374,747 shares of the biotechnology company's stock after selling 13,723 shares during the period. Franklin Resources Inc. owned 0.26% of Biogen worth $71,787,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its stake in Biogen by 1.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company's stock valued at $1,419,000 after purchasing an additional 64 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Biogen by 6.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,513 shares of the biotechnology company's stock valued at $814,000 after buying an additional 218 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company's stock worth $38,000 after acquiring an additional 127 shares during the period. Raymond James & Associates boosted its position in shares of Biogen by 10.4% during the 2nd quarter. Raymond James & Associates now owns 185,681 shares of the biotechnology company's stock valued at $43,045,000 after acquiring an additional 17,557 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Biogen by 3.3% in the second quarter. Nisa Investment Advisors LLC now owns 56,528 shares of the biotechnology company's stock valued at $13,104,000 after acquiring an additional 1,820 shares during the period. 87.93% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have commented on the stock. Wedbush cut their price target on shares of Biogen from $210.00 to $205.00 and set a "neutral" rating for the company in a research note on Monday, September 23rd. Stifel Nicolaus cut Biogen from a "buy" rating to a "hold" rating and set a $175.00 price objective for the company. in a report on Monday. Mizuho lowered their target price on shares of Biogen from $251.00 to $207.00 and set an "outperform" rating on the stock in a report on Thursday, November 21st. Needham & Company LLC lowered shares of Biogen from a "buy" rating to a "hold" rating and set a $270.00 price target on the stock. in a research report on Monday, November 18th. Finally, Bank of America reiterated a "neutral" rating and issued a $178.00 target price on shares of Biogen in a research note on Tuesday, December 10th. Fifteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Biogen presently has an average rating of "Moderate Buy" and a consensus price target of $245.32.
Check Out Our Latest Research Report on Biogen
Biogen Stock Performance
BIIB stock traded up $0.15 during midday trading on Tuesday, reaching $150.64. 1,377,821 shares of the company were exchanged, compared to its average volume of 1,195,174. Biogen Inc. has a one year low of $148.60 and a one year high of $268.30. The firm has a market capitalization of $21.95 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08. The business has a 50-day moving average price of $170.55 and a two-hundred day moving average price of $197.67. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.
Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion during 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 business's revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.36 earnings per share. Equities research analysts forecast that Biogen Inc. will post 16.43 EPS for the current year.
About Biogen
(
Free Report)
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.
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