Truist Financial Corp Sells 9,681 Shares of Biogen Inc. (NASDAQ:BIIB)

Truist Financial Corp reduced its position in Biogen Inc. (NASDAQ:BIIB) by 18.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 41,915 shares of the biotechnology company’s stock after selling 9,681 shares during the period. Truist Financial Corp’s holdings in Biogen were worth $10,846,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in shares of Biogen by 0.5% in the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after purchasing an additional 27,951 shares during the period. Northern Trust Corp raised its holdings in Biogen by 2.8% during the 3rd quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock valued at $422,276,000 after acquiring an additional 45,437 shares during the period. Morgan Stanley lifted its position in shares of Biogen by 4.3% during the third quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after acquiring an additional 61,814 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Biogen by 24.5% in the third quarter. Van ECK Associates Corp now owns 1,189,546 shares of the biotechnology company’s stock worth $305,725,000 after acquiring an additional 233,889 shares during the period. Finally, Invesco Ltd. grew its position in shares of Biogen by 19.1% in the third quarter. Invesco Ltd. now owns 1,181,374 shares of the biotechnology company’s stock valued at $303,625,000 after purchasing an additional 189,368 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Price Performance

BIIB opened at $216.13 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. Biogen Inc. has a 1 year low of $189.44 and a 1 year high of $319.76. The stock’s 50 day simple moving average is $212.30 and its 200 day simple moving average is $232.57. The firm has a market cap of $31.47 billion, a price-to-earnings ratio of 26.98, a PEG ratio of 2.19 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm’s revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $3.40 EPS. As a group, analysts predict that Biogen Inc. will post 15.59 earnings per share for the current year.

Wall Street Analyst Weigh In

BIIB has been the subject of several analyst reports. Mizuho cut their target price on Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Wells Fargo & Company cut shares of Biogen from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. Oppenheimer reiterated an “outperform” rating and issued a $270.00 target price on shares of Biogen in a research note on Monday. William Blair restated an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $294.00 price objective on shares of Biogen in a research report on Wednesday, April 24th. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $291.64.

Insider Transactions at Biogen

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

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.