Biogen Inc. (NASDAQ:BIIB) Stock Holdings Trimmed by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its position in Biogen Inc. (NASDAQ:BIIB) by 43.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 929 shares of the biotechnology company’s stock after selling 721 shares during the quarter. Edgestream Partners L.P.’s holdings in Biogen were worth $215,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Primecap Management Co. CA increased its holdings in Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after buying an additional 117,578 shares during the last quarter. Moors & Cabot Inc. increased its holdings in Biogen by 11.3% in the second quarter. Moors & Cabot Inc. now owns 1,130 shares of the biotechnology company’s stock valued at $262,000 after buying an additional 115 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in Biogen in the second quarter valued at approximately $239,000. Oppenheimer Asset Management Inc. boosted its stake in Biogen by 8.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 36,767 shares of the biotechnology company’s stock valued at $8,523,000 after acquiring an additional 2,787 shares during the period. Finally, Parallel Advisors LLC boosted its stake in Biogen by 8.5% in the second quarter. Parallel Advisors LLC now owns 1,982 shares of the biotechnology company’s stock valued at $459,000 after acquiring an additional 156 shares during the period. 87.93% of the stock is owned by institutional investors.

Biogen Trading Down 1.8 %

Biogen stock opened at $195.81 on Tuesday. 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 company has a market capitalization of $28.51 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 2.01 and a beta of -0.06. Biogen Inc. has a one year low of $189.44 and a one year high of $269.43. The company’s fifty day moving average price is $206.79 and its two-hundred day moving average price is $214.82.

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

Insider Activity

In other 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 value 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on BIIB shares. Royal Bank of Canada restated an “outperform” rating and issued a $292.00 target price on shares of Biogen in a research note on Thursday, September 19th. Scotiabank cut their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Barclays dropped their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Finally, Piper Sandler dropped their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Eight equities research 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 stock. According to data from MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and a consensus target price of $275.30.

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.