Ameriprise Financial Inc. Has $22.02 Million Position in Biogen Inc. (NASDAQ:BIIB)

Ameriprise Financial Inc. cut its holdings in Biogen Inc. (NASDAQ:BIIB) by 87.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,023 shares of the biotechnology company’s stock after selling 1,006,463 shares during the period. Ameriprise Financial Inc.’s holdings in Biogen were worth $22,024,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Lee Danner & Bass Inc. bought a new position in shares of Biogen in the 4th quarter worth about $25,000. Larson Financial Group LLC raised its position in shares of Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 141 shares in the last quarter. SRS Capital Advisors Inc. bought a new position in shares of Biogen in the 4th quarter worth about $33,000. OFI Invest Asset Management bought a new position in shares of Biogen in the 4th quarter worth about $32,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Biogen in the 4th quarter worth about $41,000. 87.93% of the stock is owned by institutional investors.

Insider Transactions at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now owns 11,318 shares in the company, valued at $1,697,926.36. The trade was a 43.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.16% of the company’s stock.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $120.37 on Thursday. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $238.00. The stock’s 50 day moving average price is $126.86 and its 200-day moving average price is $143.40. The company has a market capitalization of $17.64 billion, a PE ratio of 10.76, a PEG ratio of 1.51 and a beta of 0.12. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The business had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the previous year, the firm earned $3.67 EPS. Biogen’s quarterly revenue was up 6.2% on a year-over-year basis. On average, equities analysts anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BIIB. Morgan Stanley lowered their price objective on Biogen from $157.00 to $152.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. The Goldman Sachs Group decreased their target price on Biogen from $219.00 to $197.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Robert W. Baird decreased their target price on Biogen from $300.00 to $255.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. 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 report on Thursday, February 13th. Finally, Mizuho decreased their target price on Biogen from $207.00 to $169.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Twenty investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $191.30.

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.