Beacon Investment Advisory Services Inc. Lowers Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Beacon Investment Advisory Services Inc. cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 4.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,610 shares of the biotechnology company’s stock after selling 1,051 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Biogen were worth $4,577,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. purchased a new stake in Biogen in the second quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new position in Biogen in the third quarter valued at $33,000. Versant Capital Management Inc boosted its holdings in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares during the last quarter. Blue Trust Inc. grew its position in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 127 shares during the period. Finally, First Horizon Advisors Inc. raised its holdings in shares of Biogen by 39.8% in 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 period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Biogen Price Performance

Shares of BIIB opened at $160.63 on Monday. Biogen Inc. has a 12 month low of $153.62 and a 12 month high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The stock has a fifty day moving average price of $177.86 and a 200 day moving average price of $202.76. The company has a market cap of $23.41 billion, a P/E ratio of 14.51, a PEG ratio of 1.52 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 for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The business 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 last year, the company earned $4.36 EPS. On average, research analysts forecast that Biogen Inc. will post 16.44 earnings per share for the current year.

Analysts Set New Price Targets

BIIB has been the topic of several research reports. Royal Bank of Canada cut their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 target price on shares of Biogen in a report on Monday, September 9th. Needham & Company LLC lowered Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target on the stock. in a research report on Monday, November 18th. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Finally, Robert W. Baird boosted their target price on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Thirteen equities 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 currently has a consensus rating of “Moderate Buy” and an average target price of $257.20.

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.