Pitcairn Co. Sells 317 Shares of Biogen Inc. (NASDAQ:BIIB)

Pitcairn Co. decreased its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 22.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,099 shares of the biotechnology company’s stock after selling 317 shares during the quarter. Pitcairn Co.’s holdings in Biogen were worth $213,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BIIB. Kennedy Capital Management LLC purchased a new position in shares of Biogen during the first quarter valued at about $500,000. Janus Henderson Group PLC grew its holdings in Biogen by 66.0% during the 1st quarter. Janus Henderson Group PLC now owns 35,159 shares of the biotechnology company’s stock valued at $7,581,000 after buying an additional 13,985 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in Biogen by 2.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 3,475 shares of the biotechnology company’s stock worth $749,000 after acquiring an additional 97 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Biogen by 99.1% during the 1st quarter. Tidal Investments LLC now owns 10,211 shares of the biotechnology company’s stock worth $2,202,000 after acquiring an additional 5,082 shares in the last quarter. Finally, Hancock Whitney Corp boosted its position in shares of Biogen by 5.9% during the 1st quarter. Hancock Whitney Corp now owns 2,147 shares of the biotechnology company’s stock valued at $463,000 after acquiring an additional 120 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Biogen

In other Biogen 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 transaction of $88,018.82. Following the completion of 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Biogen Price Performance

Shares of BIIB opened at $159.83 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The company has a 50 day moving average price of $179.47 and a 200-day moving average price of $203.91. Biogen Inc. has a fifty-two week low of $153.62 and a fifty-two week high of $268.30. The stock has a market capitalization of $23.29 billion, a PE ratio of 14.44, a PEG ratio of 1.50 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its earnings results 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. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the business earned $4.36 earnings per share. Biogen’s revenue was down 2.5% on a year-over-year basis. Equities analysts predict that Biogen Inc. will post 16.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BIIB. UBS Group decreased their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Barclays decreased their target price on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Citigroup initiated coverage on Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price objective on the stock. Finally, Scotiabank dropped their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.20.

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.