Corient Private Wealth LLC Reduces Position in Biogen Inc. (NASDAQ:BIIB)

Corient Private Wealth LLC decreased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,384 shares of the biotechnology company’s stock after selling 338 shares during the quarter. Corient Private Wealth LLC’s holdings in Biogen were worth $4,492,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Frank Rimerman Advisors LLC bought a new position in shares of Biogen in the fourth quarter worth about $510,000. Poinciana Advisors Group LLC bought a new position in Biogen in the 4th quarter worth approximately $295,000. Hills Bank & Trust Co grew its holdings in Biogen by 4.7% during the 4th quarter. Hills Bank & Trust Co now owns 4,570 shares of the biotechnology company’s stock valued at $699,000 after buying an additional 207 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Biogen by 517.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 140,320 shares of the biotechnology company’s stock valued at $21,458,000 after buying an additional 117,576 shares during the last quarter. Finally, Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD bought a new stake in shares of Biogen during the fourth quarter valued at approximately $8,340,000. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Down 0.3 %

Shares of BIIB opened at $140.90 on Friday. The firm has a market capitalization of $20.62 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.51 and a beta of 0.01. Biogen Inc. has a 12-month low of $128.51 and a 12-month high of $238.00. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The firm has a fifty day moving average price of $142.16 and a 200-day moving average price of $162.40.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Equities research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. StockNews.com cut shares of Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Royal Bank of Canada reduced their price objective on shares of Biogen from $231.00 to $225.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Sanford C. Bernstein assumed coverage on shares of Biogen in a research report on Tuesday, February 11th. They set a “market perform” rating and a $160.00 price objective on the stock. Truist Financial reduced their price objective on shares of Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Finally, Scotiabank reduced their price objective on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 13th. Seventeen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Biogen presently has an average rating of “Hold” and a consensus target price of $213.33.

Insider Activity at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares in the company, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently 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.