Biogen Inc. (NASDAQ:BIIB) Shares Sold by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC reduced its holdings in Biogen Inc. (NASDAQ:BIIB) by 16.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 6,092 shares of the biotechnology company’s stock after selling 1,237 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Biogen were worth $1,181,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BIIB. Itau Unibanco Holding S.A. acquired a new stake in shares of Biogen in the 2nd quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen in the 3rd quarter valued at approximately $33,000. Blue Trust Inc. lifted its holdings in shares of Biogen by 249.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 127 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares during the period. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 93 shares during the period. 87.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BIIB. JPMorgan Chase & Co. dropped their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. BMO Capital Markets dropped their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Oppenheimer dropped their price objective on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada dropped their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Fourteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $248.25.

Biogen Trading Down 3.4 %

BIIB stock opened at $150.03 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market cap of $21.86 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.83 and a beta of -0.08. The business has a fifty day simple moving average of $171.21 and a 200-day simple moving average of $198.27. Biogen Inc. has a 52 week low of $149.93 and a 52 week high of $268.30.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. 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. On average, equities research analysts expect that Biogen Inc. will post 16.43 EPS for the current year.

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.