Newbridge Financial Services Group Inc. Has $70,000 Stake in Biogen Inc. (NASDAQ:BIIB)

Newbridge Financial Services Group Inc. trimmed its stake in Biogen Inc. (NASDAQ:BIIB) by 27.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 300 shares of the biotechnology company’s stock after selling 111 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Biogen were worth $70,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new stake in shares of Biogen during the second quarter worth approximately $1,387,000. Northwestern Mutual Wealth Management Co. grew its position in Biogen by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,309 shares of the biotechnology company’s stock worth $1,694,000 after acquiring an additional 543 shares during the last quarter. Systematic Financial Management LP increased its holdings in Biogen by 12.3% during the 2nd quarter. Systematic Financial Management LP now owns 4,670 shares of the biotechnology company’s stock valued at $1,083,000 after purchasing an additional 510 shares in the last quarter. Creative Planning raised its position in Biogen by 32.4% in the 2nd quarter. Creative Planning now owns 18,274 shares of the biotechnology company’s stock valued at $4,236,000 after purchasing an additional 4,473 shares during the last quarter. Finally, Kathmere Capital Management LLC acquired a new position in Biogen in the second quarter worth $190,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Barclays reduced their target price on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Truist Financial reissued a “buy” rating and issued a $302.00 price target (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Wedbush dropped their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. Finally, Scotiabank decreased their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $274.78.

Biogen Stock Performance

Shares of Biogen stock opened at $184.78 on Friday. Biogen Inc. has a 12 month low of $183.56 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. The company has a market capitalization of $26.90 billion, a PE ratio of 23.07, a PEG ratio of 1.97 and a beta of -0.06. The stock’s fifty day simple moving average is $201.20 and its 200 day simple moving average is $213.11.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data 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. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the previous year, the business posted $4.02 EPS. Biogen’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts predict that Biogen Inc. will post 16.12 EPS for the current year.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of the 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 sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

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.