Pathstone Holdings LLC Sells 2,426 Shares of Biogen Inc. (NASDAQ:BIIB)

Pathstone Holdings LLC decreased its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 18.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,024 shares of the biotechnology company’s stock after selling 2,426 shares during the quarter. Pathstone Holdings LLC’s holdings in Biogen were worth $2,137,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. increased its position in Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the period. Plato Investment Management Ltd increased its position in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the period. CWM LLC increased its position in Biogen by 1.7% during the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after purchasing an additional 62 shares during the period. Quintet Private Bank Europe S.A. increased its position in Biogen by 9.7% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock valued at $138,000 after purchasing an additional 63 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in Biogen by 1.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock valued at $1,419,000 after purchasing an additional 64 shares during the period. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $157.69 on Wednesday. The company’s fifty day moving average price is $180.22 and its 200 day moving average price is $204.22. Biogen Inc. has a 1 year low of $153.62 and a 1 year high of $268.30. The company has a market capitalization of $22.98 billion, a PE ratio of 14.24, a price-to-earnings-growth ratio of 1.49 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Scotiabank cut their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Oppenheimer cut their price objective on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective on the stock. in a research report on Monday, November 18th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 price objective 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $257.20.

Insider Buying and Selling

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