Man Group plc Sells 170,285 Shares of Biogen Inc. (NASDAQ:BIIB)

Man Group plc lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 19.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 686,550 shares of the biotechnology company’s stock after selling 170,285 shares during the period. Man Group plc’s holdings in Biogen were worth $104,987,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. purchased a new stake in Biogen in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC boosted its holdings in Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 141 shares in the last quarter. Colonial Trust Co SC boosted its holdings in Biogen by 9,300.0% in the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 186 shares in the last quarter. SRS Capital Advisors Inc. purchased a new position in shares of Biogen in the 4th quarter worth about $33,000. Finally, OFI Invest Asset Management purchased a new position in shares of Biogen in the 4th quarter worth about $32,000. Institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Piper Sandler cut their price objective on Biogen from $135.00 to $115.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Argus lowered Biogen from a “buy” rating to a “hold” rating in a research note on Friday, April 4th. Citigroup cut their price target on Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Scotiabank cut their target price on Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 13th. Finally, Canaccord Genuity Group lowered their price target on Biogen from $265.00 to $220.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Twenty analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $191.30.

Insider Activity

In other news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the sale, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. This represents a 43.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $123.16 on Wednesday. The stock has a fifty day moving average price of $127.46 and a two-hundred day moving average price of $143.56. 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 firm has a market cap of $18.05 billion, a P/E ratio of 11.01, a PEG ratio of 1.51 and a beta of 0.12. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $238.00.

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