Allspring Global Investments Holdings LLC Decreases Stake in Biogen Inc. (NASDAQ:BIIB)

Allspring Global Investments Holdings LLC lessened its stake in Biogen Inc. (NASDAQ:BIIB) by 68.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 7,724 shares of the biotechnology company’s stock after selling 16,514 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Biogen were worth $1,666,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Livelsberger Financial Advisory acquired a new stake in shares of Biogen during the 4th quarter worth about $26,000. Gladius Capital Management LP acquired a new stake in shares of Biogen during the 3rd quarter worth about $28,000. Hexagon Capital Partners LLC raised its position in shares of Biogen by 76.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 51 shares in the last quarter. KB Financial Partners LLC raised its position in shares of Biogen by 105.1% during the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 62 shares in the last quarter. Finally, Rise Advisors LLC acquired a new stake in shares of Biogen during the 1st quarter worth about $27,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Down 1.8 %

Biogen stock opened at $224.61 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The firm has a market capitalization of $32.70 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 2.33 and a beta of -0.04. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $287.60. The stock’s fifty day moving average is $223.69 and its two-hundred day moving average is $228.05.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BIIB. JPMorgan Chase & Co. cut their target price on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. HC Wainwright reiterated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a research note on Thursday, May 23rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $317.00 price objective on shares of Biogen in a research note on Wednesday, June 26th. Truist Financial reiterated a “buy” rating and issued a $340.00 price objective on shares of Biogen in a research note on Thursday, May 16th. Finally, Barclays reduced their price objective on Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $286.50.

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.