Saratoga Research & Investment Management cut its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 99.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,448 shares of the biotechnology company's stock after selling 149,272 shares during the period. Saratoga Research & Investment Management's holdings in Biogen were worth $221,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. California Public Employees Retirement System raised its holdings in Biogen by 0.7% during the 4th quarter. California Public Employees Retirement System now owns 397,849 shares of the biotechnology company's stock worth $60,839,000 after purchasing an additional 2,778 shares during the last quarter. Allianz SE bought a new stake in Biogen in the fourth quarter valued at about $219,000. Cornercap Investment Counsel Inc. boosted its holdings in Biogen by 16.6% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 8,239 shares of the biotechnology company's stock worth $1,260,000 after buying an additional 1,174 shares during the last quarter. Allstate Corp acquired a new position in shares of Biogen during the 4th quarter worth about $657,000. Finally, Orion Portfolio Solutions LLC increased its stake in shares of Biogen by 12.4% in the 4th quarter. Orion Portfolio Solutions LLC now owns 6,846 shares of the biotechnology company's stock valued at $1,047,000 after acquiring an additional 754 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
BIIB has been the subject of a number of analyst reports. Stifel Nicolaus cut shares of Biogen from a "buy" rating to a "hold" rating and set a $175.00 price objective for the company. in a report on Monday, December 16th. Bank of America reaffirmed a "neutral" rating and set a $178.00 price objective on shares of Biogen in a research note on Tuesday, December 10th. Scotiabank decreased their target price on Biogen from $244.00 to $224.00 and set a "sector outperform" rating for the company in a research note on Thursday, February 13th. BMO Capital Markets dropped their price target on Biogen from $156.00 to $139.00 and set a "market perform" rating on the stock in a research report on Thursday, February 13th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $135.00 price objective (down from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Biogen presently has a consensus rating of "Hold" and a consensus price target of $213.33.
Get Our Latest Stock Report on Biogen
Insider Activity at Biogen
In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen 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 sale, the director now directly owns 11,318 shares of the company's stock, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by insiders.
Biogen Price Performance
BIIB traded down $0.01 during trading on Thursday, hitting $131.31. 1,061,913 shares of the stock traded hands, compared to its average volume of 1,310,189. The business has a 50 day moving average price of $141.40 and a 200 day moving average price of $158.63. The company has a market cap of $19.22 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.51 and a beta of 0.01. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90.
Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping the consensus estimate 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 forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.
Biogen Company Profile
(
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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