Atria Investments Inc Trims Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Atria Investments Inc lowered its position in Biogen Inc. (NASDAQ:BIIB) by 18.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,538 shares of the biotechnology company’s stock after selling 827 shares during the quarter. Atria Investments Inc’s holdings in Biogen were worth $686,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in Biogen by 3.2% in the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after buying an additional 5,270 shares during the last quarter. Arlington Partners LLC lifted its stake in shares of Biogen by 34.3% in the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock worth $3,724,000 after acquiring an additional 4,902 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Biogen by 235.1% in the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after acquiring an additional 10,425 shares in the last quarter. National Pension Service boosted its holdings in shares of Biogen by 10.1% in the third quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock valued at $69,699,000 after acquiring an additional 32,914 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Biogen by 99.1% in the first quarter. Tidal Investments LLC now owns 10,211 shares of the biotechnology company’s stock valued at $2,202,000 after acquiring an additional 5,082 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Transactions at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

BIIB has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 target price on shares of Biogen in a report on Monday, September 9th. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Wells Fargo & Company decreased their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. BMO Capital Markets decreased their price objective on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Finally, Raymond James reissued a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Price Performance

Shares of BIIB stock opened at $155.43 on Wednesday. The firm has a fifty day simple moving average of $184.26 and a 200-day simple moving average of $206.44. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $22.65 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.52 and a beta of -0.06. Biogen Inc. has a twelve month low of $155.28 and a twelve month high of $268.30.

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, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the company earned $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that Biogen Inc. will post 16.42 earnings per share for the current fiscal year.

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.