Biogen Inc. (NASDAQ:BIIB) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB) by 11.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,660 shares of the biotechnology company’s stock after selling 859 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Biogen were worth $1,291,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Plato Investment Management Ltd grew its stake in shares of Biogen by 82.8% in the first 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. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen during the second quarter worth approximately $33,000. Versant Capital Management Inc raised its holdings in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares in the last quarter. EntryPoint Capital LLC purchased a new position in Biogen in the first quarter worth approximately $36,000. Finally, First Horizon Advisors Inc. increased its position in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were 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 owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Biogen Stock Performance

Biogen stock opened at $174.00 on Friday. The stock’s 50-day moving average is $193.34 and its 200-day moving average is $209.53. Biogen Inc. has a 12 month low of $173.88 and a 12 month high of $268.30. 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 cap of $25.33 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the company posted $4.36 EPS. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. Equities analysts anticipate that Biogen Inc. will post 16.14 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Mizuho decreased their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Wells Fargo & Company dropped their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Royal Bank of Canada reduced their price target on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, BMO Capital Markets dropped their price objective on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Ten analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $262.83.

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.