Biogen Inc. (NASDAQ:BIIB) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 13.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 83,248 shares of the biotechnology company’s stock after selling 12,436 shares during the period. Toronto Dominion Bank owned 0.06% of Biogen worth $19,299,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Livelsberger Financial Advisory acquired a new position in Biogen during the 4th quarter valued at about $26,000. Plato Investment Management Ltd grew its stake in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Biogen during the first quarter valued at about $27,000. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen in the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc boosted its stake in Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Buying and Selling at Biogen

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 transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays decreased their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Mizuho lowered their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. 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 note on Monday, August 5th. Royal Bank of Canada restated an “outperform” rating and issued a $292.00 price objective on shares of Biogen in a research note on Thursday, September 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 target price on shares of Biogen in a research report on Monday, September 9th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $275.30.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $193.60 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The firm has a fifty day moving average of $205.39 and a 200 day moving average of $214.43. The firm has a market cap of $28.19 billion, a PE ratio of 24.17, a PEG ratio of 1.97 and a beta of -0.06. Biogen Inc. has a one year low of $188.78 and a one year high of $269.43.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.02 earnings per share. As a group, research analysts predict that Biogen Inc. will post 16.12 EPS for the current fiscal year.

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.