Biogen Inc. (NASDAQ:BIIB) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. decreased its holdings in Biogen Inc. (NASDAQ:BIIB) by 16.3% during the 1st quarter, HoldingsChannel reports. The fund owned 16,850 shares of the biotechnology company’s stock after selling 3,285 shares during the quarter. Edgestream Partners L.P.’s holdings in Biogen were worth $2,306,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Lee Danner & Bass Inc. acquired a new stake in shares of Biogen in the fourth quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Biogen in the 1st quarter valued at about $26,000. Colonial Trust Co SC grew its position in shares of Biogen by 9,300.0% in the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 186 shares during the period. Private Trust Co. NA boosted its position in shares of Biogen by 74.8% during the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company’s stock worth $31,000 after buying an additional 98 shares during the period. Finally, CVA Family Office LLC boosted its position in Biogen by 71.1% during the 1st quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 96 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BIIB has been the topic of several recent research reports. Piper Sandler reiterated a “neutral” rating and set a $115.00 price objective on shares of Biogen in a research report on Thursday, June 12th. Royal Bank Of Canada set a $213.00 price target on Biogen and gave the company an “outperform” rating in a research note on Wednesday, June 25th. The Goldman Sachs Group decreased their price target on Biogen from $219.00 to $197.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on Biogen from $185.00 to $175.00 and set a “neutral” rating on the stock in a report on Monday, May 5th. Finally, Morgan Stanley decreased their price objective on Biogen from $157.00 to $152.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Twenty analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $188.48.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $128.69 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $236.48. The firm has a market capitalization of $18.86 billion, a PE ratio of 12.70, a P/E/G ratio of 1.03 and a beta of 0.14. The business has a 50-day moving average of $129.04 and a two-hundred day moving average of $133.50.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a net margin of 15.07% and a return on equity of 14.03%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the firm earned $3.67 EPS. The firm’s revenue was up 6.2% on a year-over-year basis. As a group, research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current year.

Insider Buying and Selling

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the business’s stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the sale, the insider owned 6,330 shares of the company’s stock, valued at $854,550. The trade was a 25.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.18% of the stock is currently owned by company insiders.

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.