Crossmark Global Holdings Inc. Sells 394 Shares of Biogen Inc. (NASDAQ:BIIB)

Crossmark Global Holdings Inc. reduced its holdings in Biogen Inc. (NASDAQ:BIIB) by 5.3% during the third quarter, Holdings Channel.com reports. The fund owned 7,057 shares of the biotechnology company’s stock after selling 394 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Biogen were worth $1,367,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Plato Investment Management Ltd grew its position in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Biogen during the second quarter worth about $33,000. EntryPoint Capital LLC purchased a new position in shares of Biogen in the 1st quarter worth about $36,000. Versant Capital Management Inc boosted its holdings in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Trading Down 1.5 %

NASDAQ BIIB opened at $165.79 on Thursday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $24.16 billion, a PE ratio of 14.98, a P/E/G ratio of 1.60 and a beta of -0.06. The stock’s 50 day moving average is $188.32 and its 200 day moving average is $208.37. Biogen Inc. has a twelve month low of $165.53 and a twelve month high of $268.30.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the business earned $4.36 EPS. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. Research analysts forecast that Biogen Inc. will post 16.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Truist Financial restated a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. TD Cowen cut their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and issued a $300.00 target price on shares of Biogen in a research report on Thursday, October 31st. Royal Bank of Canada cut their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a report on Monday, September 9th. Ten equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $261.58.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by corporate insiders.

Biogen 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.