Biogen Inc. (NASDAQ:BIIB) Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. lessened its position in Biogen Inc. (NASDAQ:BIIB) by 10.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,582 shares of the biotechnology company’s stock after selling 13,330 shares during the period. Letko Brosseau & Associates Inc. owned about 0.08% of Biogen worth $18,286,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of BIIB. Signaturefd LLC raised its position in shares of Biogen by 3.5% in the fourth quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company’s stock valued at $320,000 after purchasing an additional 71 shares during the period. Quent Capital LLC increased its position in Biogen by 31.9% during the fourth quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock worth $46,000 after acquiring an additional 72 shares during the period. Principal Securities Inc. increased its position in Biogen by 30.1% during the fourth quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company’s stock worth $52,000 after acquiring an additional 78 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Biogen by 1.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company’s stock worth $767,000 after acquiring an additional 79 shares during the period. Finally, Israel Discount Bank of New York boosted its stake in Biogen by 6.2% during the fourth quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company’s stock worth $215,000 after buying an additional 82 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Trading Down 0.2%

Shares of NASDAQ:BIIB opened at $118.20 on Monday. The stock has a market capitalization of $17.32 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 1.51 and a beta of 0.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The stock’s 50-day simple moving average is $128.33 and its two-hundred day simple moving average is $144.11. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). Biogen had a net margin of 16.87% and a return on equity of 14.98%. The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the previous year, the firm earned $3.67 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. Analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Insider Buying and Selling

In related news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. The trade was a 43.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BIIB. Royal Bank of Canada lowered their price target on Biogen from $217.00 to $205.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Bank Of America (Bofa) decreased their target price on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. Citigroup decreased their target price on shares of Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. HC Wainwright cut their price target on Biogen from $241.00 to $187.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Finally, Canaccord Genuity Group lowered their price objective on Biogen from $265.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Twenty investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $191.30.

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.