Truist Financial Corp Decreases Holdings in Biogen Inc. (NASDAQ:BIIB)

Truist Financial Corp lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 18.8% in the 4th quarter, HoldingsChannel reports. The fund owned 41,915 shares of the biotechnology company’s stock after selling 9,681 shares during the period. Truist Financial Corp’s holdings in Biogen were worth $10,846,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BIIB. OFI Invest Asset Management bought a new position in shares of Biogen during the 3rd quarter valued at approximately $26,000. Gladius Capital Management LP bought a new position in Biogen during the third quarter valued at $28,000. KB Financial Partners LLC raised its stake in shares of Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 62 shares during the period. CVA Family Office LLC bought a new stake in shares of Biogen in the 4th quarter worth about $36,000. Finally, Baker Avenue Asset Management LP boosted its stake in shares of Biogen by 215.5% during the 3rd quarter. Baker Avenue Asset Management LP now owns 183 shares of the biotechnology company’s stock worth $47,000 after purchasing an additional 125 shares during the period. 87.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

BIIB has been the subject of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $364.00 price objective on shares of Biogen in a research note on Tuesday, March 5th. JPMorgan Chase & Co. dropped their price objective on Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Bank Of America (Bofa) reduced their target price on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. HC Wainwright lowered their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Finally, UBS Group reduced their price target on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $291.64.

Biogen Trading Up 0.6 %

Shares of NASDAQ BIIB opened at $216.13 on Thursday. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $319.76. The business has a fifty day moving average price of $212.30 and a 200 day moving average price of $232.57. The stock has a market capitalization of $31.47 billion, a P/E ratio of 26.98, a price-to-earnings-growth ratio of 2.19 and a beta of -0.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the firm posted $3.40 earnings per share. The company’s quarterly revenue was down 7.0% on a year-over-year basis. Equities research analysts expect that Biogen Inc. will post 15.59 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold a total of 882 shares of company stock worth $202,030 over the last three months. Corporate insiders own 0.60% of the company’s stock.

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.