Pitcairn Co. Cuts Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Pitcairn Co. cut its stake in Biogen Inc. (NASDAQ:BIIB) by 22.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,099 shares of the biotechnology company’s stock after selling 317 shares during the period. Pitcairn Co.’s holdings in Biogen were worth $213,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd raised its stake in shares of Biogen by 82.8% during 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. purchased a new stake in Biogen during the 2nd quarter valued at about $33,000. Versant Capital Management Inc grew its position in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 85 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in Biogen in the 3rd quarter worth approximately $33,000. Finally, First Horizon Advisors Inc. lifted its position in Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BIIB has been the topic of several recent analyst reports. Needham & Company LLC cut shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price on the stock. in a report on Monday, November 18th. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Scotiabank reduced their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. BMO Capital Markets lowered their price target on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Finally, Oppenheimer cut their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $257.20.

Biogen Stock Up 1.4 %

BIIB opened at $159.83 on Thursday. The firm’s 50 day simple moving average is $179.47 and its two-hundred day simple moving average is $203.91. The company has a market capitalization of $23.29 billion, a PE ratio of 14.44, a PEG ratio of 1.50 and a beta of -0.06. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.36 earnings per share. As a group, equities analysts forecast that Biogen Inc. will post 16.44 EPS for the current year.

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.