Biogen Inc. (NASDAQ:BIIB) Shares Sold by KBC Group NV

KBC Group NV cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 20.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,229 shares of the biotechnology company’s stock after selling 8,752 shares during the period. KBC Group NV’s holdings in Biogen were worth $6,441,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Plato Investment Management Ltd grew its stake in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Biogen in the second quarter worth about $33,000. Ashton Thomas Securities LLC purchased a new stake in shares of Biogen during the third quarter worth about $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen during the first quarter valued at about $36,000. Finally, Versant Capital Management Inc raised its position 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 valued at $36,000 after purchasing an additional 85 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on BIIB. Citigroup assumed coverage on shares of Biogen in a research report on Thursday. They set a “neutral” rating and a $190.00 target price on the stock. Royal Bank of Canada dropped their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Wolfe Research assumed coverage on Biogen in a research note on Friday. They issued a “peer perform” rating for the company. Scotiabank lowered their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Finally, Mizuho cut their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a report on Tuesday, August 6th. Twelve equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $258.96.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated 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 in the company, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Biogen Price Performance

Shares of Biogen stock opened at $159.99 on Monday. The firm has a market cap of $23.31 billion, a PE ratio of 14.45, a P/E/G ratio of 1.51 and a beta of -0.06. Biogen Inc. has a twelve month low of $159.60 and a twelve month high of $268.30. 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 business has a 50-day moving average price of $185.99 and a 200 day moving average price of $207.27.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the company posted $4.36 EPS. The business’s quarterly revenue was down 2.5% on a year-over-year basis. Sell-side analysts predict that Biogen Inc. will post 16.42 earnings per share for the current fiscal year.

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.