ProShare Advisors LLC Sells 16,372 Shares of Biogen Inc. (NASDAQ:BIIB)

ProShare Advisors LLC reduced its stake in Biogen Inc. (NASDAQ:BIIB) by 9.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,628 shares of the biotechnology company’s stock after selling 16,372 shares during the period. ProShare Advisors LLC owned 0.11% of Biogen worth $36,541,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. KCM Investment Advisors LLC grew its stake in 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 acquiring an additional 48 shares in the last quarter. First Horizon Advisors Inc. grew its stake in 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 acquiring an additional 49 shares in the last quarter. TFB Advisors LLC grew its stake in Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock worth $530,000 after acquiring an additional 50 shares in the last quarter. QRG Capital Management Inc. grew its stake in Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after acquiring an additional 51 shares in the last quarter. Finally, Plato Investment Management Ltd grew its stake in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. 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 research note on Friday, July 12th. 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 research note on Tuesday, August 6th. Robert W. Baird dropped their price objective on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research note on Monday, July 29th. Truist Financial reiterated a “buy” rating and set a $302.00 price objective (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $275.52.

Biogen Trading Down 1.0 %

NASDAQ BIIB opened at $199.36 on Monday. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. The company has a fifty day simple moving average of $207.31 and a two-hundred day simple moving average of $214.98. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $269.43. The stock has a market cap of $29.03 billion, a P/E ratio of 24.89, a P/E/G ratio of 2.01 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter last year, the company posted $4.02 earnings per share. The firm’s revenue was up .4% compared to the same quarter last year. On average, analysts forecast that Biogen Inc. will post 16.12 earnings per share for the current year.

Insider Buying and Selling

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

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.