Kennedy Investment Group Sells 69 Shares of Biogen Inc. (NASDAQ:BIIB)

Kennedy Investment Group lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,093 shares of the biotechnology company’s stock after selling 69 shares during the period. Kennedy Investment Group’s holdings in Biogen were worth $406,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Duality Advisers LP bought a new position in Biogen in the 1st quarter worth about $1,290,000. Tocqueville Asset Management L.P. boosted its stake in Biogen by 924.4% in the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after purchasing an additional 41,690 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Biogen by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after purchasing an additional 3,380 shares in the last quarter. Cetera Investment Advisers boosted its stake in Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after purchasing an additional 10,425 shares in the last quarter. Finally, M&G Plc bought a new position in Biogen in the 1st quarter worth about $1,856,000. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Biogen stock traded down $4.78 during midday trading on Monday, hitting $185.38. The stock had a trading volume of 367,500 shares, compared to its average volume of 1,117,325. The firm’s fifty day moving average is $197.09 and its two-hundred day moving average is $210.94. The company has a market capitalization of $26.99 billion, a PE ratio of 23.74, a P/E/G ratio of 1.87 and a beta of -0.06. Biogen Inc. has a 52-week low of $181.31 and a 52-week high of $268.30. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period last year, the firm posted $4.02 EPS. The company’s revenue was up .4% on a year-over-year basis. On average, research analysts forecast that Biogen Inc. will post 16.13 EPS for the current year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BIIB shares. Barclays dropped their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Scotiabank lowered their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird lowered their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research note on Monday, July 29th. UBS Group lowered their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company lowered their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $271.39.

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.