Saratoga Research & Investment Management Sells 7,071 Shares of Biogen Inc. (NASDAQ:BIIB)

Saratoga Research & Investment Management lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,720 shares of the biotechnology company's stock after selling 7,071 shares during the period. Biogen accounts for approximately 1.3% of Saratoga Research & Investment Management's holdings, making the stock its 25th biggest position. Saratoga Research & Investment Management owned 0.10% of Biogen worth $29,215,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Itau Unibanco Holding S.A. purchased a new stake in Biogen in the second quarter worth about $33,000. Ashton Thomas Securities LLC bought a new stake in shares of Biogen in the 3rd quarter worth approximately $33,000. Blue Trust Inc. boosted its position in shares of Biogen by 249.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company's stock worth $38,000 after purchasing an additional 127 shares in the last quarter. First Horizon Advisors Inc. grew its stake in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company's stock worth $40,000 after buying an additional 49 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in Biogen by 73.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company's stock valued at $42,000 after buying an additional 93 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BIIB shares. UBS Group cut their target price on Biogen from $234.00 to $202.00 and set a "neutral" rating on the stock in a research note on Thursday, October 3rd. StockNews.com downgraded shares of Biogen from a "strong-buy" rating to a "buy" rating in a research report on Wednesday. Wolfe Research assumed coverage on shares of Biogen in a research note on Friday, November 15th. They set a "peer perform" rating for the company. Royal Bank of Canada dropped their target price on shares of Biogen from $292.00 to $269.00 and set an "outperform" rating on the stock in a research note on Friday, October 4th. Finally, Barclays cut their price target on shares of Biogen from $190.00 to $180.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. Fourteen equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $249.80.

Biogen Stock Up 0.7 %

BIIB opened at $157.46 on Thursday. The firm's 50 day simple moving average is $173.14 and its two-hundred day simple moving average is $199.48. The company has a market capitalization of $22.95 billion, a PE ratio of 14.22, a PEG ratio of 1.49 and a beta of -0.08. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts' consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period last year, the firm earned $4.36 EPS. Biogen's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, equities analysts forecast that Biogen Inc. will post 16.44 EPS for the current year.

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.

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