GAMMA Investing LLC Decreases Position in Biogen Inc. (NASDAQ:BIIB)

GAMMA Investing LLC reduced its position in Biogen Inc. (NASDAQ:BIIB) by 51.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 398 shares of the biotechnology company’s stock after selling 428 shares during the period. GAMMA Investing LLC’s holdings in Biogen were worth $61,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Itau Unibanco Holding S.A. purchased a new stake in Biogen during the 2nd quarter worth about $33,000. Ashton Thomas Securities LLC purchased a new position in shares of Biogen during the third quarter worth about $33,000. Venturi Wealth Management LLC increased its position in shares of Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 93 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Biogen by 228.7% in the 4th quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock worth $61,000 after buying an additional 279 shares during the last quarter. Finally, FSA Wealth Management LLC bought a new position in shares of Biogen in the 3rd quarter worth $74,000. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $148.82 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 52-week low of $145.07 and a 52-week high of $252.94. The company has a market cap of $21.69 billion, a PE ratio of 13.44, a PEG ratio of 1.74 and a beta of -0.07. The firm’s 50-day moving average price is $157.38 and its 200-day moving average price is $187.29.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the firm earned $4.36 earnings per share. As a group, analysts anticipate that Biogen Inc. will post 16.43 EPS for the current year.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of recent research reports. Wedbush dropped their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. Royal Bank of Canada cut their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. JPMorgan Chase & Co. cut their price target on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Citigroup started coverage on shares of Biogen in a report on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price objective for the company. Finally, Wolfe Research began coverage on shares of Biogen in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. Sixteen equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $230.00.

Biogen Company 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.