Private Advisor Group LLC Cuts Position in Biogen Inc. (NASDAQ:BIIB)

Private Advisor Group LLC lessened its stake in Biogen Inc. (NASDAQ:BIIB) by 38.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,897 shares of the biotechnology company’s stock after selling 3,748 shares during the quarter. Private Advisor Group LLC’s holdings in Biogen were worth $902,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BIIB. Farther Finance Advisors LLC increased its position in shares of Biogen by 2.1% in the third quarter. Farther Finance Advisors LLC now owns 7,656 shares of the biotechnology company’s stock valued at $1,484,000 after buying an additional 160 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Biogen by 27.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 274,708 shares of the biotechnology company’s stock valued at $53,249,000 after acquiring an additional 59,771 shares in the last quarter. Old North State Wealth Management LLC increased its holdings in Biogen by 0.7% during the 3rd quarter. Old North State Wealth Management LLC now owns 13,533 shares of the biotechnology company’s stock valued at $2,623,000 after acquiring an additional 100 shares in the last quarter. National Pension Service lifted its holdings in shares of Biogen by 10.1% in the third quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock valued at $69,699,000 after purchasing an additional 32,914 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its position in shares of Biogen by 0.6% in the third quarter. Asset Management One Co. Ltd. now owns 55,355 shares of the biotechnology company’s stock valued at $10,730,000 after purchasing an additional 324 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on BIIB shares. Piper Sandler restated a “neutral” rating and set a $135.00 price objective (down from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. Scotiabank reduced their price objective on Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Biogen in a research note on Thursday, February 13th. Truist Financial cut their price objective on shares of Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Finally, Morgan Stanley lowered their target price on shares of Biogen from $192.00 to $157.00 and set an “equal weight” rating for the company in a research note on Thursday, February 13th. Seventeen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $213.33.

Biogen Stock Performance

Shares of BIIB stock opened at $140.50 on Friday. The company’s fifty day moving average price is $144.43 and its two-hundred day moving average price is $168.73. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The firm has a market capitalization of $20.57 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.51 and a beta of -0.08. Biogen Inc. has a 12 month low of $128.51 and a 12 month high of $238.00.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. On average, research analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.