Allspring Global Investments Holdings LLC Decreases Stake in Biogen Inc. (NASDAQ:BIIB)

Allspring Global Investments Holdings LLC lowered its holdings in Biogen Inc. (NASDAQ:BIIB) by 58.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,238 shares of the biotechnology company’s stock after selling 33,675 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Biogen were worth $6,272,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Altshuler Shaham Ltd acquired a new stake in shares of Biogen in the fourth quarter worth $25,000. OFI Invest Asset Management acquired a new stake in shares of Biogen in the third quarter worth $26,000. Gladius Capital Management LP acquired a new stake in shares of Biogen in the third quarter worth $28,000. KB Financial Partners LLC increased its stake in shares of Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 62 shares during the period. Finally, CVA Family Office LLC acquired a new stake in shares of Biogen in the fourth quarter worth $36,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold 882 shares of company stock valued at $202,030 over the last ninety days. Company insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BIIB shares. Bank Of America (Bofa) cut their price objective on shares of Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. StockNews.com lowered shares of Biogen from a “buy” rating to a “hold” rating in a research report on Tuesday, February 20th. BMO Capital Markets dropped their price target on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Wedbush dropped their price target on shares of Biogen from $245.00 to $213.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Canaccord Genuity Group dropped their price target on shares of Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $296.35.

Biogen Stock Performance

NASDAQ:BIIB opened at $190.52 on Friday. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $216.17 and its 200-day moving average price is $236.24. Biogen Inc. has a twelve month low of $189.52 and a twelve month high of $319.76. The company has a market cap of $27.69 billion, a P/E ratio of 23.87, a P/E/G ratio of 1.86 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period last year, the firm earned $4.05 earnings per share. On average, sell-side analysts forecast that Biogen Inc. will post 15.48 earnings per share for the current fiscal 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.