National Bank of Canada FI Sells 18,520 Shares of Biogen Inc. (NASDAQ:BIIB)

National Bank of Canada FI reduced its stake in Biogen Inc. (NASDAQ:BIIB) by 25.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 54,304 shares of the biotechnology company’s stock after selling 18,520 shares during the quarter. National Bank of Canada FI’s holdings in Biogen were worth $12,585,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. KCM Investment Advisors LLC boosted its holdings in shares of Biogen by 1.7% in the 1st quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after buying an additional 48 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after buying an additional 49 shares during the last quarter. TFB Advisors LLC lifted its holdings in Biogen by 2.1% during the first quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after purchasing an additional 50 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd lifted its holdings in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Down 0.5 %

Shares of NASDAQ BIIB opened at $200.81 on Friday. Biogen Inc. has a one year low of $189.44 and a one year high of $269.43. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The firm’s 50 day simple moving average is $213.38 and its two-hundred day simple moving average is $216.56. The stock has a market capitalization of $29.24 billion, a P/E ratio of 25.07, a PEG ratio of 2.06 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period last year, the business earned $4.02 earnings per share. The business’s quarterly revenue was up .4% on a year-over-year basis. As a group, analysts expect that Biogen Inc. will post 16.12 EPS for the current fiscal year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Mizuho dropped their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a report on Tuesday, August 6th. Piper Sandler dropped their price objective on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Royal Bank of Canada upped their price objective on shares of Biogen from $282.00 to $292.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $285.00 price objective on shares of Biogen in a report on Wednesday. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $276.35.

About Biogen

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.