Biogen Inc. (NASDAQ:BIIB) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Biogen Inc. (NASDAQ:BIIB) by 74.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,744 shares of the biotechnology company’s stock after selling 65,758 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Biogen were worth $4,409,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in BIIB. Primecap Management Co. CA lifted its stake in shares of Biogen by 0.7% in the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after purchasing an additional 117,578 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Biogen by 5.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock valued at $342,772,000 after buying an additional 81,283 shares during the period. RA Capital Management L.P. lifted its position in Biogen by 39.0% in the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after buying an additional 207,835 shares during the last quarter. abrdn plc boosted its stake in Biogen by 6.2% during the third quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock worth $110,123,000 after buying an additional 33,333 shares during the period. Finally, Swiss National Bank increased its position in shares of Biogen by 0.4% during the third quarter. Swiss National Bank now owns 432,100 shares of the biotechnology company’s stock valued at $83,758,000 after acquiring an additional 1,700 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Mizuho decreased their price objective on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a report on Thursday. Scotiabank lowered their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Wedbush dropped their price objective on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. Raymond James reissued a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $300.00 target price on shares of Biogen in a research report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $257.20.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $157.90 on Friday. The stock’s 50-day simple moving average is $181.85 and its 200-day simple moving average is $205.22. The firm has a market capitalization of $23.01 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.49 and a beta of -0.06. Biogen Inc. has a fifty-two week low of $153.62 and a fifty-two week high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.36 earnings per share. As a group, equities research analysts forecast that Biogen Inc. will post 16.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by company insiders.

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.