Beacon Investment Advisory Services Inc. Reduces Position in Biogen Inc. (NASDAQ:BIIB)

Beacon Investment Advisory Services Inc. decreased its position in Biogen Inc. (NASDAQ:BIIB) by 4.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,610 shares of the biotechnology company’s stock after selling 1,051 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Biogen were worth $4,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of BIIB. Primecap Management Co. CA raised its position in Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after buying an additional 117,578 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Biogen by 1.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after purchasing an additional 18,905 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Biogen by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after purchasing an additional 12,319 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Biogen by 29.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock valued at $137,856,000 after buying an additional 162,511 shares during the period. Finally, abrdn plc boosted its stake in shares of Biogen by 6.2% in 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 last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of research analyst reports. UBS Group dropped their price target 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. TD Cowen dropped their price target on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. BMO Capital Markets lowered their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Wolfe Research initiated coverage on Biogen in a research note on Friday, November 15th. They issued a “peer perform” rating for the company. Finally, Robert W. Baird upped their price objective on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $257.20.

Insider Transactions at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.16% of the company’s stock.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $160.63 on Monday. 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 Inc. has a one year low of $153.62 and a one year high of $268.30. The firm has a market capitalization of $23.41 billion, a P/E ratio of 14.51, a PEG ratio of 1.52 and a beta of -0.06. The company’s fifty day moving average is $177.86 and its two-hundred day moving average is $202.76.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results 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. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period last year, the firm earned $4.36 EPS. Analysts forecast that Biogen Inc. will post 16.44 EPS for the current fiscal year.

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.