Northwest & Ethical Investments L.P. Reduces Position in Biogen Inc. (NASDAQ:BIIB)

Northwest & Ethical Investments L.P. decreased its holdings in Biogen Inc. (NASDAQ:BIIB) by 13.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,428 shares of the biotechnology company’s stock after selling 1,139 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Biogen were worth $1,440,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Public Sector Pension Investment Board raised its holdings in Biogen by 12.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 6,361 shares of the biotechnology company’s stock valued at $1,233,000 after acquiring an additional 700 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Biogen by 1.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after purchasing an additional 18,905 shares during the period. Fiduciary Trust Co lifted its holdings in Biogen by 24.2% during the 3rd quarter. Fiduciary Trust Co now owns 3,234 shares of the biotechnology company’s stock worth $627,000 after purchasing an additional 631 shares in the last quarter. FORA Capital LLC bought a new position in Biogen in the 3rd quarter worth about $3,431,000. Finally, Clark Estates Inc. NY purchased a new position in Biogen during the 3rd quarter valued at about $3,131,000. Institutional investors own 87.93% of the company’s stock.

Insider Activity at Biogen

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

Biogen Stock Up 0.5 %

Shares of NASDAQ BIIB opened at $160.63 on Friday. The firm’s fifty day moving average is $177.86 and its 200 day moving average is $203.15. Biogen Inc. has a 52 week low of $153.62 and a 52 week high of $268.30. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market cap of $23.41 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.51 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.36 earnings per share. On average, equities research analysts expect that Biogen Inc. will post 16.44 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BIIB shares. Barclays lowered their price target on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Wedbush decreased their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. UBS Group reduced their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Truist Financial reiterated a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Finally, StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and an average price target of $257.20.

About Biogen

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.