Empowered Funds LLC Reduces Stake in Biogen Inc. (NASDAQ:BIIB)

Empowered Funds LLC lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 77.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,277 shares of the biotechnology company’s stock after selling 14,631 shares during the period. Empowered Funds LLC’s holdings in Biogen were worth $654,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in Biogen in the third quarter worth about $33,000. Golden State Wealth Management LLC purchased a new position in shares of Biogen during the fourth quarter valued at approximately $41,000. Venturi Wealth Management LLC boosted its position in shares of Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 93 shares during the period. Itau Unibanco Holding S.A. boosted its position in shares of Biogen by 63.8% during the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after buying an additional 90 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of Biogen by 228.7% during the fourth quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 279 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

BIIB has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. BMO Capital Markets dropped their target price on Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a research report on Thursday, February 13th. Truist Financial dropped their target price on Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Stifel Nicolaus lowered Biogen from a “buy” rating to a “hold” rating and set a $175.00 target price for the company. in a research report on Monday, December 16th. Finally, Canaccord Genuity Group decreased their price target on shares of Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Biogen currently has an average rating of “Hold” and a consensus price target of $211.85.

Biogen Trading Down 0.6 %

Shares of Biogen stock opened at $136.57 on Wednesday. The firm has a market capitalization of $19.90 billion, a PE ratio of 12.34, a P/E/G ratio of 1.65 and a beta of -0.08. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00. The firm’s 50-day moving average price is $146.52 and its 200 day moving average price is $172.19. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. On average, sell-side analysts predict that Biogen Inc. will post 16.42 EPS for the current fiscal year.

Biogen 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.