Park Avenue Securities LLC Decreases Holdings in Biogen Inc. (NASDAQ:BIIB)

Park Avenue Securities LLC decreased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 8.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,336 shares of the biotechnology company’s stock after selling 215 shares during the quarter. Park Avenue Securities LLC’s holdings in Biogen were worth $504,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Leo Wealth LLC acquired a new position in shares of Biogen during the 4th quarter worth approximately $2,265,000. ICICI Prudential Asset Management Co Ltd raised its position in shares of Biogen by 15.0% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after purchasing an additional 4,693 shares during the last quarter. iA Global Asset Management Inc. raised its position in shares of Biogen by 35.2% during the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after purchasing an additional 3,145 shares during the last quarter. Dynamic Advisor Solutions LLC raised its position in shares of Biogen by 6.2% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 285 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of Biogen by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 15,550 shares of the biotechnology company’s stock worth $3,997,000 after purchasing an additional 1,690 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Up 1.4 %

Shares of NASDAQ BIIB opened at $231.82 on Friday. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $287.60. The company has a market cap of $33.75 billion, a P/E ratio of 28.94, a P/E/G ratio of 2.26 and a beta of -0.02. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The stock has a fifty day moving average price of $222.22 and a 200 day moving average price of $228.69.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.40 EPS. Research analysts anticipate that Biogen Inc. will post 15.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Wedbush lifted their price objective on Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. HC Wainwright reiterated a “buy” rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, May 23rd. Barclays cut their price target on Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Truist Financial reiterated a “buy” rating and issued a $340.00 price target on shares of Biogen in a report on Thursday, May 16th. Finally, Bank of America cut their price target on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $286.50.

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.