Norden Group LLC Has $298,000 Stake in Biogen Inc. (NASDAQ:BIIB)

Norden Group LLC cut its position in Biogen Inc. (NASDAQ:BIIB) by 46.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,150 shares of the biotechnology company’s stock after selling 996 shares during the quarter. Norden Group LLC’s holdings in Biogen were worth $298,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Kestra Private Wealth Services LLC bought a new stake in Biogen during the fourth quarter worth $1,362,000. Van ECK Associates Corp lifted its position in shares of Biogen by 19.5% during the 4th quarter. Van ECK Associates Corp now owns 1,421,196 shares of the biotechnology company’s stock worth $367,763,000 after buying an additional 231,650 shares during the last quarter. Intrust Bank NA boosted its stake in Biogen by 6.6% in the fourth quarter. Intrust Bank NA now owns 1,958 shares of the biotechnology company’s stock valued at $507,000 after buying an additional 121 shares in the last quarter. Gitterman Wealth Management LLC bought a new position in Biogen in the fourth quarter valued at about $254,000. Finally, Intact Investment Management Inc. acquired a new position in Biogen during the fourth quarter worth about $595,000. Institutional investors own 87.93% of the company’s stock.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, with a total value of $101,255.70. Following the transaction, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold a total of 882 shares of company stock valued at $202,030 in the last quarter. 0.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BIIB. Canaccord Genuity Group reduced their price target on shares of Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research note on Tuesday, February 20th. HC Wainwright cut their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $364.00 target price on shares of Biogen in a research note on Tuesday, March 5th. Truist Financial reiterated a “buy” rating and issued a $340.00 price target on shares of Biogen in a research note on Monday, March 25th. Finally, Wedbush boosted their price objective on Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and a consensus target price of $291.64.

Biogen Price Performance

BIIB stock opened at $216.13 on Thursday. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The company’s fifty day simple moving average is $212.30 and its 200 day simple moving average is $232.57. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $319.76. The firm has a market cap of $31.47 billion, a price-to-earnings ratio of 26.98, a PEG ratio of 2.18 and a beta of -0.01.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.40 EPS. On average, analysts expect that Biogen Inc. will post 15.58 earnings per share for the current year.

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.