Biogen Inc. (NASDAQ:BIIB) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 1.6% during the 3rd quarter, Holdings Channel reports. The fund owned 4,557 shares of the biotechnology company’s stock after selling 73 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Biogen were worth $883,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of BIIB. Arlington Partners LLC grew its stake in shares of Biogen by 34.3% during the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock worth $3,724,000 after purchasing an additional 4,902 shares during the period. Duality Advisers LP purchased a new position in Biogen in the first quarter valued at $1,290,000. Tocqueville Asset Management L.P. raised its position in shares of Biogen by 924.4% in the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after acquiring an additional 41,690 shares during the period. Cetera Investment Advisers increased its stake in shares of Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after purchasing an additional 10,425 shares in the last quarter. Finally, M&G Plc acquired a new position in Biogen in the 1st quarter worth about $1,856,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on BIIB shares. Robert W. Baird cut their price objective on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Truist Financial restated a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Mizuho lowered their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a report on Tuesday, August 6th. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Finally, Wedbush dropped their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. Ten analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Biogen has an average rating of “Moderate Buy” and a consensus target price of $262.83.

Biogen Stock Down 0.1 %

Shares of NASDAQ:BIIB opened at $173.79 on Friday. The company has a market capitalization of $25.32 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.73 and a beta of -0.06. Biogen Inc. has a 12-month low of $173.14 and a 12-month high of $268.30. The business has a 50-day moving average price of $192.71 and a 200 day moving average price of $209.47. The company has a current ratio of 1.26, a quick ratio of 1.48 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating 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 business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the business earned $4.36 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. Sell-side analysts expect that Biogen Inc. will post 16.36 EPS for the current year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.16% of the stock is owned by corporate insiders.

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.