Biogen Inc. (NASDAQ:BIIB) Shares Sold by Avanza Fonder AB

Avanza Fonder AB lowered its holdings in Biogen Inc. (NASDAQ:BIIB) by 1.6% in the first quarter, Holdings Channel.com reports. The fund owned 15,287 shares of the biotechnology company’s stock after selling 249 shares during the quarter. Avanza Fonder AB’s holdings in Biogen were worth $2,007,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BIIB. Bleakley Financial Group LLC lifted its holdings in Biogen by 49.9% in the fourth quarter. Bleakley Financial Group LLC now owns 1,608 shares of the biotechnology company’s stock valued at $246,000 after acquiring an additional 535 shares during the period. Golden State Wealth Management LLC acquired a new stake in Biogen in the fourth quarter valued at $41,000. Savant Capital LLC raised its stake in shares of Biogen by 11.3% during the 4th quarter. Savant Capital LLC now owns 4,179 shares of the biotechnology company’s stock worth $639,000 after buying an additional 423 shares during the last quarter. Quent Capital LLC raised its stake in shares of Biogen by 31.9% during the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock worth $46,000 after buying an additional 72 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Biogen by 2.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,843 shares of the biotechnology company’s stock worth $1,026,000 after buying an additional 183 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Down 1.8%

BIIB opened at $133.06 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The stock has a market capitalization of $19.50 billion, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 1.51 and a beta of 0.14. The business has a 50-day moving average of $123.15 and a two-hundred day moving average of $137.95. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $238.00.

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

Analyst Upgrades and Downgrades

BIIB has been the subject of several research reports. Citigroup cut their price target on Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Hsbc Global Res downgraded Biogen from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 28th. Robert W. Baird cut their price target on Biogen from $300.00 to $255.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Mizuho cut their price target on Biogen from $207.00 to $169.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. Finally, Piper Sandler cut their price target on Biogen from $135.00 to $115.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Twenty research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $191.30.

About Biogen

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.