ING Groep NV Lowers Position in Biogen Inc. (NASDAQ:BIIB)

ING Groep NV reduced its position in Biogen Inc. (NASDAQ:BIIB) by 20.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,650 shares of the biotechnology company’s stock after selling 4,945 shares during the period. ING Groep NV’s holdings in Biogen were worth $3,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd grew its holdings in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the period. Itau Unibanco Holding S.A. purchased a new stake in Biogen in the 2nd quarter worth $33,000. Ashton Thomas Securities LLC acquired a new position in Biogen during the third quarter worth $33,000. EntryPoint Capital LLC purchased a new position in Biogen during the first quarter valued at $36,000. Finally, Versant Capital Management Inc grew its position in shares of 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 purchasing an additional 85 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wedbush decreased their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. UBS Group lowered their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and issued a $300.00 price objective on shares of Biogen in a research note on Thursday, October 31st. Scotiabank lowered their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Finally, TD Cowen reduced their target price on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Twelve research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.96.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by corporate insiders.

Biogen Price Performance

BIIB stock opened at $159.99 on Friday. The business’s fifty day moving average price is $186.80 and its 200 day moving average price is $207.77. Biogen Inc. has a 12-month low of $159.60 and a 12-month high of $268.30. The company has a market capitalization of $23.31 billion, a PE ratio of 14.45, a P/E/G ratio of 1.57 and a beta of -0.06. 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, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.36 earnings per share. On average, sell-side analysts anticipate that Biogen Inc. will post 16.4 EPS for the current 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.