Creative Planning Has $2.67 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Creative Planning cut its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 24.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,774 shares of the biotechnology company's stock after selling 4,500 shares during the period. Creative Planning's holdings in Biogen were worth $2,670,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd grew its stake in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company's stock worth $25,000 after acquiring an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in Biogen in the second quarter valued at $33,000. EntryPoint Capital LLC acquired a new stake in Biogen in the 1st quarter valued at $36,000. Versant Capital Management Inc lifted its position in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company's stock worth $36,000 after buying an additional 85 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in 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 buying an additional 127 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

NASDAQ:BIIB traded down $2.17 during mid-day trading on Friday, reaching $181.69. 1,720,227 shares of the company's stock were exchanged, compared to its average volume of 1,223,945. 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 firm has a market capitalization of $26.46 billion, a PE ratio of 22.88, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. Biogen Inc. has a one year low of $181.24 and a one year high of $268.30. The business's fifty day simple moving average is $195.28 and its two-hundred day simple moving average is $210.15.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm's quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business earned $4.02 earnings per share. Analysts anticipate that Biogen Inc. will post 16.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Barclays decreased their price objective on Biogen from $200.00 to $190.00 and set an "equal weight" rating for the company in a report on Friday, August 2nd. Cantor Fitzgerald restated an "overweight" rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Royal Bank of Canada dropped their price objective on Biogen from $292.00 to $269.00 and set an "outperform" rating on the stock in a research note on Friday, October 4th. UBS Group cut their price objective on Biogen from $234.00 to $202.00 and set a "neutral" rating for the company in a report on Thursday, October 3rd. Finally, Robert W. Baird lowered their target price on shares of Biogen from $316.00 to $294.00 and set an "outperform" rating on the stock in a report on Monday, July 29th. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $271.39.

Insider Activity

In related 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 value of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.16% of the company's stock.

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.