Elo Mutual Pension Insurance Co Lowers Holdings in Biogen Inc. (NASDAQ:BIIB)

Elo Mutual Pension Insurance Co trimmed its stake in Biogen Inc. (NASDAQ:BIIB) by 1.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,073 shares of the biotechnology company’s stock after selling 153 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Biogen were worth $3,031,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of BIIB. Livelsberger Financial Advisory purchased a new stake in Biogen during the 4th quarter valued at about $26,000. Plato Investment Management Ltd lifted its stake in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of Biogen during the first quarter valued at approximately $27,000. Versant Capital Management Inc grew its holdings in shares of Biogen by 123.2% during the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 85 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new position in Biogen in the 1st quarter worth approximately $36,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on BIIB. Piper Sandler cut their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Wedbush reduced their price objective on Biogen from $215.00 to $210.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. HC Wainwright reissued a “buy” rating and issued a $300.00 target price on shares of Biogen in a research report on Thursday, May 23rd. Truist Financial reaffirmed a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Finally, StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $275.52.

Biogen Trading Up 1.9 %

Shares of NASDAQ:BIIB opened at $201.44 on Friday. The stock has a 50 day moving average of $207.92 and a 200 day moving average of $215.17. The company has a market cap of $29.33 billion, a PE ratio of 25.15, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $269.43. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

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

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by insiders.

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.