Hennion & Walsh Asset Management Inc. Cuts Stock Position in Biogen Inc. (NASDAQ:BIIB)

Hennion & Walsh Asset Management Inc. trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 1.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,974 shares of the biotechnology company’s stock after selling 93 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Biogen were worth $1,504,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BIIB. Primecap Management Co. CA lifted its stake in Biogen by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock valued at $4,208,760,000 after buying an additional 251,915 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after purchasing an additional 2,218,744 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Biogen by 0.5% in the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after buying an additional 27,951 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Biogen by 4.3% during the 3rd quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after purchasing an additional 61,814 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Biogen during the 4th quarter worth $378,728,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. HSBC increased their target price on shares of Biogen from $339.00 to $342.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Truist Financial reissued a “buy” rating and set a $340.00 target price on shares of Biogen in a research note on Thursday, May 16th. HC Wainwright reaffirmed a “buy” rating and issued a $300.00 price target on shares of Biogen in a research report on Thursday, May 23rd. UBS Group lowered their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Finally, Bank of America reduced their target price on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and a consensus target price of $286.50.

Biogen Trading Up 1.4 %

Shares of BIIB stock opened at $231.82 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $287.60. The firm has a market capitalization of $33.75 billion, a PE ratio of 28.94, a P/E/G ratio of 2.33 and a beta of -0.02. The business’s fifty day moving average price is $222.22 and its 200 day moving average price is $228.55.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company’s revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.40 EPS. As a group, sell-side analysts forecast that Biogen Inc. will post 15.63 EPS for the current fiscal 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.