Toronto Dominion Bank Sells 22,878 Shares of Biogen Inc. (NASDAQ:BIIB)

Toronto Dominion Bank lowered its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 27.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 60,370 shares of the biotechnology company's stock after selling 22,878 shares during the period. Toronto Dominion Bank's holdings in Biogen were worth $11,702,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. First Horizon Advisors Inc. raised its holdings in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company's stock valued at $40,000 after buying an additional 49 shares during the last quarter. Grandfield & Dodd LLC raised its stake in shares of Biogen by 5.2% during the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company's stock valued at $244,000 after acquiring an additional 62 shares during the last quarter. Quintet Private Bank Europe S.A. lifted its holdings in shares of Biogen by 9.7% during the third quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company's stock worth $138,000 after purchasing an additional 63 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Biogen by 1.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company's stock worth $1,419,000 after purchasing an additional 64 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators increased its holdings in Biogen by 5.5% in the second quarter. Deseret Mutual Benefit Administrators now owns 1,524 shares of the biotechnology company's stock valued at $353,000 after purchasing an additional 79 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Biogen Stock Performance

Shares of BIIB traded down $5.30 on Friday, reaching $150.03. 1,608,569 shares of the company's stock traded hands, compared to its average volume of 1,191,503. The stock's 50 day simple moving average is $171.21 and its two-hundred day simple moving average is $198.27. The stock has a market cap of $21.86 billion, a PE ratio of 13.55, a PEG ratio of 1.83 and a beta of -0.08. Biogen Inc. has a 52-week low of $149.93 and a 52-week 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the firm posted $4.36 EPS. On average, analysts forecast that Biogen Inc. will post 16.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

BIIB has been the topic of several recent research reports. Raymond James reaffirmed a "market perform" rating on shares of Biogen in a report on Thursday, October 10th. Jefferies Financial Group lowered Biogen from a "buy" rating to a "hold" rating and cut their price objective for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. Oppenheimer decreased their target price on shares of Biogen from $270.00 to $255.00 and set an "outperform" rating for the company in a research report on Thursday, October 31st. StockNews.com downgraded shares of Biogen from a "strong-buy" rating to a "buy" rating in a research report on Wednesday. Finally, TD Cowen reduced their price objective on shares of Biogen from $300.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Fourteen analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Biogen currently has a consensus rating of "Moderate Buy" and a consensus price target of $249.80.

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.