Saratoga Research & Investment Management Cuts Position in Biogen Inc. (NASDAQ:BIIB)

Saratoga Research & Investment Management lessened its position in shares of Biogen Inc. (NASDAQ:BIIB) by 3.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 157,791 shares of the biotechnology company’s stock after selling 5,060 shares during the period. Biogen comprises 1.7% of Saratoga Research & Investment Management’s investment portfolio, making the stock its 23rd biggest holding. Saratoga Research & Investment Management owned about 0.11% of Biogen worth $36,579,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Plato Investment Management Ltd increased its holdings in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares during the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Biogen in the 4th quarter valued at about $26,000. Rise Advisors LLC acquired a new stake in shares of Biogen during the 1st quarter worth about $27,000. Itau Unibanco Holding S.A. purchased a new stake in Biogen during the second quarter worth approximately $33,000. Finally, EntryPoint Capital LLC acquired a new position in Biogen in the first quarter valued at approximately $36,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Trading Up 0.6 %

Shares of BIIB opened at $194.67 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. Biogen Inc. has a 1-year low of $188.78 and a 1-year high of $269.43. The stock has a market cap of $28.34 billion, a price-to-earnings ratio of 24.30, a price-to-earnings-growth ratio of 1.97 and a beta of -0.06. The firm has a 50 day simple moving average of $204.12 and a 200-day simple moving average of $213.86.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the business earned $4.02 earnings per share. The business’s revenue was up .4% on a year-over-year basis. Equities analysts forecast that Biogen Inc. will post 16.12 EPS for the current fiscal year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred 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 owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BIIB. Mizuho reduced their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Scotiabank decreased their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company dropped their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Truist Financial reissued a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Finally, Piper Sandler cut their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $275.30.

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.