Janney Montgomery Scott LLC Sells 1,387 Shares of Biogen Inc. (NASDAQ:BIIB)

Janney Montgomery Scott LLC cut its holdings in Biogen Inc. (NASDAQ:BIIB) by 9.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 13,539 shares of the biotechnology company’s stock after selling 1,387 shares during the period. Janney Montgomery Scott LLC’s holdings in Biogen were worth $2,625,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of BIIB. Farther Finance Advisors LLC raised its stake in shares of Biogen by 2.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,656 shares of the biotechnology company’s stock valued at $1,484,000 after purchasing an additional 160 shares during the period. Diversify Advisory Services LLC bought a new stake in shares of Biogen during the third quarter valued at about $877,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Biogen by 79.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 35,863 shares of the biotechnology company’s stock worth $6,952,000 after buying an additional 15,902 shares in the last quarter. abrdn plc boosted its position in shares of Biogen by 6.2% in the third quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock valued at $110,123,000 after acquiring an additional 33,333 shares during the period. Finally, Asahi Life Asset Management CO. LTD. purchased a new position in Biogen during the third quarter valued at approximately $349,000. 87.93% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $172.03 on Tuesday. The firm has a 50 day moving average of $189.71 and a 200 day moving average of $208.87. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $25.07 billion, a price-to-earnings ratio of 15.54, a price-to-earnings-growth ratio of 1.64 and a beta of -0.06. Biogen Inc. has a 12-month low of $170.71 and a 12-month high of $268.30.

Biogen (NASDAQ:BIIB) last posted its quarterly 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. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.36 earnings per share. On average, research analysts anticipate that Biogen Inc. will post 16.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BIIB. BMO Capital Markets lowered their price objective on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Mizuho lowered their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. UBS Group lowered their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. Oppenheimer lowered 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. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Ten research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $261.58.

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.