Biogen Inc. (NASDAQ:BIIB) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. trimmed its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 24.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 211 shares of the biotechnology company’s stock after selling 67 shares during the quarter. First Horizon Advisors Inc.’s holdings in Biogen were worth $55,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. ICICI Prudential Asset Management Co Ltd grew its stake in shares of Biogen by 15.0% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after acquiring an additional 4,693 shares during the last quarter. Boone Capital Management LLC increased its stake in Biogen by 52.9% during the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock valued at $24,703,000 after purchasing an additional 33,238 shares in the last quarter. iA Global Asset Management Inc. raised its holdings in shares of Biogen by 35.2% in the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after buying an additional 3,145 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of Biogen by 13.8% during the third quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock worth $17,577,000 after buying an additional 8,291 shares during the period. Finally, Dynamic Advisor Solutions LLC grew its holdings in shares of Biogen by 6.2% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after buying an additional 285 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Price Performance

NASDAQ:BIIB opened at $218.92 on Wednesday. The stock has a 50 day moving average of $211.85 and a two-hundred day moving average of $231.09. Biogen Inc. has a 12 month low of $189.44 and a 12 month high of $319.76. The firm has a market cap of $31.87 billion, a P/E ratio of 27.33, a price-to-earnings-growth ratio of 2.21 and a beta of -0.01. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the previous year, the business earned $3.40 earnings per share. On average, analysts expect that Biogen Inc. will post 15.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $294.00 price target on shares of Biogen in a research report on Wednesday, April 24th. Oppenheimer reiterated an “outperform” rating and issued a $270.00 price target on shares of Biogen in a report on Monday, April 29th. Wedbush lifted their price objective on shares of Biogen from $213.00 to $215.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. HC Wainwright cut their price objective on shares of Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, Bank of America lowered their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $290.92.

Insider Buying and Selling

In other Biogen news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Priya Singhal sold 262 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Over the last three months, insiders sold 882 shares of company stock worth $202,030. Company insiders own 0.60% 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.