Franklin Resources Inc. Has $71.79 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Franklin Resources Inc. cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 3.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 374,747 shares of the biotechnology company’s stock after selling 13,723 shares during the period. Franklin Resources Inc. owned 0.26% of Biogen worth $71,787,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. First Horizon Advisors Inc. raised its stake in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares in the last quarter. Grandfield & Dodd LLC increased its holdings in Biogen by 5.2% during the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock worth $244,000 after buying an additional 62 shares during the last quarter. Quintet Private Bank Europe S.A. raised its position in Biogen by 9.7% during the third quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after acquiring an additional 63 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Biogen by 1.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock valued at $1,419,000 after acquiring an additional 64 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its position in shares of Biogen by 25.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock valued at $75,000 after acquiring an additional 77 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Biogen Price Performance

BIIB stock opened at $150.49 on Tuesday. The company’s 50-day moving average price is $170.55 and its two-hundred day moving average price is $197.67. The firm has a market cap of $21.93 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.83 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 12 month low of $148.60 and a 12 month high of $268.30.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the firm posted $4.36 earnings per share. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, analysts anticipate that Biogen Inc. will post 16.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BIIB has been the subject of several recent analyst reports. Robert W. Baird raised their target price on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Wolfe Research began coverage on Biogen in a research report on Friday, November 15th. They issued a “peer perform” rating for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 target price on shares of Biogen in a report on Monday, September 9th. UBS Group cut their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a report on Thursday, October 31st. Fifteen research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and an average target price of $245.32.

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.