Greenleaf Trust Sells 3,475 Shares of Biogen Inc. (NASDAQ:BIIB)

Greenleaf Trust cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 57.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,606 shares of the biotechnology company’s stock after selling 3,475 shares during the period. Greenleaf Trust’s holdings in Biogen were worth $505,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BIIB. Arlington Partners LLC grew its holdings in shares of Biogen by 34.3% during the third 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 last quarter. Duality Advisers LP acquired a new stake in Biogen in the 1st quarter valued at about $1,290,000. Tocqueville Asset Management L.P. raised its stake 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 last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Biogen by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after purchasing an additional 3,380 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Biogen by 235.1% during the first 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 during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Price Performance

BIIB stock opened at $181.69 on Friday. The stock has a 50-day moving average price of $195.69 and a two-hundred day moving average price of $210.29. Biogen Inc. has a 1 year low of $181.24 and a 1 year high of $268.30. The stock has a market cap of $26.46 billion, a PE ratio of 22.88, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping 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 company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the firm earned $4.02 earnings per share. Biogen’s revenue for the quarter was up .4% compared to the same quarter last year. Equities analysts forecast that Biogen Inc. will post 16.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on BIIB shares. Wedbush reduced their price objective on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Mizuho cut their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. BMO Capital Markets lowered their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating and set a $292.00 target price on shares of Biogen in a research report on Monday, September 9th. Finally, William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $271.39.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction 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 completion of the transaction, the insider now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.