Brown Brothers Harriman & Co. Sells 354 Shares of Biogen Inc. (NASDAQ:BIIB)

Brown Brothers Harriman & Co. trimmed its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 6.6% in the third quarter, Holdings Channel.com reports. The firm owned 4,971 shares of the biotechnology company’s stock after selling 354 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Biogen were worth $964,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. EntryPoint Capital LLC bought a new stake in shares of Biogen during the first quarter worth $36,000. Kennedy Capital Management LLC acquired a new stake in shares of Biogen in the 1st quarter valued at about $500,000. Janus Henderson Group PLC lifted its holdings in shares of Biogen by 66.0% in the first quarter. Janus Henderson Group PLC now owns 35,159 shares of the biotechnology company’s stock valued at $7,581,000 after purchasing an additional 13,985 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Biogen by 2.9% during the first quarter. B. Riley Wealth Advisors Inc. now owns 3,475 shares of the biotechnology company’s stock worth $749,000 after buying an additional 97 shares during the period. Finally, California State Teachers Retirement System grew its holdings in shares of Biogen by 0.3% during the first quarter. California State Teachers Retirement System now owns 227,072 shares of the biotechnology company’s stock worth $48,964,000 after buying an additional 650 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BIIB shares. Barclays reduced their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. BMO Capital Markets decreased their target price on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Truist Financial restated a “buy” rating and set a $302.00 price objective (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Royal Bank of Canada lowered their target price on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $257.20.

Biogen Price Performance

Biogen stock opened at $157.69 on Wednesday. The company has a market capitalization of $22.98 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 1.49 and a beta of -0.06. 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 Inc. has a 12 month low of $153.62 and a 12 month high of $268.30. The stock’s 50 day moving average is $180.22 and its 200-day moving average is $204.22.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the firm posted $4.36 EPS. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts expect that Biogen Inc. will post 16.44 EPS for the current year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by insiders.

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.