Chevy Chase Trust Holdings LLC Cuts Holdings in Biogen Inc. (NASDAQ:BIIB)

Chevy Chase Trust Holdings LLC reduced its holdings in Biogen Inc. (NASDAQ:BIIB) by 1.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,020 shares of the biotechnology company’s stock after selling 945 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Biogen worth $18,550,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. M3 Advisory Group LLC acquired a new position in shares of Biogen during the 2nd quarter worth $205,000. First Horizon Advisors Inc. raised its position in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Biogen by 3.3% in the second quarter. Nisa Investment Advisors LLC now owns 56,528 shares of the biotechnology company’s stock worth $13,104,000 after acquiring an additional 1,820 shares during the last quarter. Raymond James & Associates lifted its holdings in Biogen by 10.4% in the 2nd quarter. Raymond James & Associates now owns 185,681 shares of the biotechnology company’s stock valued at $43,045,000 after purchasing an additional 17,557 shares in the last quarter. Finally, Intellectus Partners LLC boosted its position in Biogen by 3.5% during the second quarter. Intellectus Partners LLC now owns 6,029 shares of the biotechnology company’s stock worth $1,398,000 after acquiring an additional 206 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Stock Down 0.3 %

Shares of Biogen stock traded down $0.57 during trading hours on Tuesday, hitting $205.49. 625,767 shares of the company’s stock traded hands, compared to its average volume of 1,128,778. The company has a quick ratio of 1.32, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen Inc. has a twelve month low of $189.44 and a twelve month high of $270.50. The stock has a 50 day simple moving average of $219.80 and a 200-day simple moving average of $219.26. The company has a market cap of $29.92 billion, a PE ratio of 25.65, a PEG ratio of 2.09 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. Biogen’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the company posted $4.02 EPS. Equities research analysts anticipate that Biogen Inc. will post 15.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BIIB shares. Mizuho lowered their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. HC Wainwright reaffirmed a “buy” rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, May 23rd. HSBC increased their price objective on shares of Biogen from $339.00 to $342.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Scotiabank lowered their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Finally, StockNews.com raised shares of Biogen from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Biogen has an average rating of “Moderate Buy” and an average target price of $276.35.

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.