Letko Brosseau & Associates Inc. Sells 3,972 Shares of Biogen Inc. (NASDAQ:BIIB)

Letko Brosseau & Associates Inc. lessened its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 3.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 115,610 shares of the biotechnology company’s stock after selling 3,972 shares during the period. Letko Brosseau & Associates Inc. owned about 0.08% of Biogen worth $15,820,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in shares of Biogen by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company’s stock worth $563,709,000 after purchasing an additional 82,456 shares during the period. Invesco Ltd. lifted its position in shares of Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after acquiring an additional 499,074 shares during the period. Price T Rowe Associates Inc. MD increased its position in Biogen by 1.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company’s stock valued at $295,705,000 after buying an additional 21,170 shares in the last quarter. Northern Trust Corp boosted its stake in Biogen by 14.6% during the 4th quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company’s stock valued at $237,046,000 after purchasing an additional 196,995 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Biogen by 33.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company’s stock worth $234,551,000 after acquiring an additional 381,122 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Down 1.1%

Biogen stock opened at $127.90 on Wednesday. The business has a fifty day moving average price of $129.69 and a 200-day moving average price of $132.09. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. The stock has a market capitalization of $18.74 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.87 and a beta of 0.14. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $219.44.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.25 billion. Biogen had a net margin of 15.07% and a return on equity of 14.03%. Biogen’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $3.67 EPS. Equities research analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BIIB shares. Piper Sandler reiterated a “neutral” rating and issued a $115.00 target price on shares of Biogen in a research note on Thursday, June 12th. Needham & Company LLC restated a “hold” rating on shares of Biogen in a research report on Thursday, June 12th. Mizuho dropped their price objective on Biogen from $207.00 to $169.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. Truist Financial started coverage on shares of Biogen in a research note on Monday, July 21st. They set a “hold” rating and a $142.00 target price for the company. Finally, Wedbush reiterated a “neutral” rating and set a $121.00 price objective on shares of Biogen in a research note on Thursday, June 12th. Twenty-one equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $186.37.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the firm’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the sale, the insider directly owned 6,330 shares of the company’s stock, valued at $854,550. This trade represents a 25.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.18% of the company’s stock.

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.