Biogen Inc. $BIIB Stock Sold by CenterBook Partners LP

CenterBook Partners LP trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 76.2% in the third quarter, HoldingsChannel.com reports. The fund owned 2,475 shares of the biotechnology company’s stock after selling 7,943 shares during the quarter. CenterBook Partners LP’s holdings in Biogen were worth $559,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BIIB. BlackRock Inc. acquired a new position in Biogen in the second quarter valued at about $3,453,878,000. Orbimed Advisors LLC bought a new stake in Biogen during the first quarter worth about $11,293,000. Tidal Investments LLC lifted its position in Biogen by 9.0% during the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock worth $13,794,000 after purchasing an additional 5,256 shares during the period. Saudi Central Bank lifted its position in Biogen by 89.7% during the second quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock worth $2,220,000 after purchasing an additional 4,858 shares during the period. Finally, Nippon Life Global Investors Americas Inc. acquired a new stake in Biogen during the second quarter worth about $29,648,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Price Performance

Biogen stock opened at $253.40 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95. Biogen Inc. has a 52 week low of $158.05 and a 52 week high of $261.00. The stock has a market capitalization of $37.46 billion, a P/E ratio of 21.50, a price-to-earnings-growth ratio of 2.87 and a beta of 0.10. The stock has a fifty day moving average of $232.21 and a 200-day moving average of $204.26.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.63. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. Biogen’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $4.81 EPS. On average, sell-side analysts expect that Biogen Inc. will post 12.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on BIIB. Barclays raised their target price on shares of Biogen from $200.00 to $230.00 and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Royal Bank Of Canada boosted their target price on shares of Biogen from $256.00 to $272.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Piper Sandler reaffirmed an “overweight” rating and set a $305.00 price target (up from $245.00) on shares of Biogen in a report on Monday. Morgan Stanley upped their price target on shares of Biogen from $231.00 to $238.00 and gave the stock an “equal weight” rating in a report on Thursday, October 29th. Finally, Wall Street Zen upgraded shares of Biogen from a “hold” rating to a “strong-buy” rating in a research report on Saturday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and a consensus price target of $254.41.

Biogen Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.