LPL Financial LLC Sells 20,253 Shares of Biogen Inc. (NASDAQ:BIIB)

LPL Financial LLC trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 43.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,138 shares of the biotechnology company's stock after selling 20,253 shares during the quarter. LPL Financial LLC's holdings in Biogen were worth $3,997,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Signaturefd LLC boosted its position in shares of Biogen by 3.5% in the 4th quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock valued at $320,000 after purchasing an additional 71 shares during the period. Quent Capital LLC raised its stake in shares of Biogen by 31.9% during the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company's stock worth $46,000 after purchasing an additional 72 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in shares of Biogen by 25.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company's stock valued at $75,000 after buying an additional 77 shares during the last quarter. Principal Securities Inc. increased its holdings in Biogen by 30.1% in the fourth quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company's stock worth $52,000 after buying an additional 78 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Biogen by 1.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company's stock worth $767,000 after acquiring an additional 79 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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Biogen Stock Performance

Shares of BIIB stock traded down $0.77 on Wednesday, hitting $116.21. The company's stock had a trading volume of 116,271 shares, compared to its average volume of 1,349,517. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market capitalization of $17.01 billion, a PE ratio of 10.39, a PEG ratio of 1.51 and a beta of 0.06. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $238.00. The stock's 50 day moving average is $135.71 and its 200-day moving average is $152.96.

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. The Goldman Sachs Group lowered their target price on shares of Biogen from $281.00 to $245.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Canaccord Genuity Group reduced their price objective on Biogen from $298.00 to $265.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. BMO Capital Markets cut their target price on shares of Biogen from $156.00 to $139.00 and set a "market perform" rating for the company in a research note on Thursday, February 13th. Piper Sandler reaffirmed a "neutral" rating and set a $135.00 price objective (down previously from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. Finally, StockNews.com lowered Biogen from a "strong-buy" rating to a "buy" rating in a report on Saturday, December 28th. Eighteen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Biogen has a consensus rating of "Hold" and a consensus target price of $213.15.

Insider Activity

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

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.