Truist Financial Corp Sells 2,753 Shares of Biogen Inc. (NASDAQ:BIIB)

Truist Financial Corp lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 6.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,669 shares of the biotechnology company’s stock after selling 2,753 shares during the quarter. Truist Financial Corp’s holdings in Biogen were worth $9,196,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd raised its stake in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in shares of Biogen during the 4th quarter worth $26,000. Rise Advisors LLC acquired a new position in Biogen in the 1st quarter valued at $27,000. Itau Unibanco Holding S.A. bought a new position in Biogen in the 2nd quarter worth $33,000. Finally, EntryPoint Capital LLC acquired a new position in Biogen during the 1st quarter worth $36,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Barclays lowered their target price on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Royal Bank of Canada dropped their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday. William Blair reissued an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Wedbush dropped their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Finally, Truist Financial reiterated a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $273.78.

Biogen Stock Performance

Shares of BIIB stock opened at $185.68 on Friday. The stock has a market cap of $27.03 billion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 1.97 and a beta of -0.06. The stock has a 50-day moving average of $200.69 and a 200-day moving average of $212.83. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. Biogen Inc. has a one year low of $183.56 and a one year high of $269.43.

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

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by company 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.