Biogen Inc. (NASDAQ:BIIB) Shares Sold by Saratoga Research & Investment Management

Saratoga Research & Investment Management cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 6.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 164,226 shares of the biotechnology company’s stock after selling 11,838 shares during the period. Biogen comprises approximately 2.0% of Saratoga Research & Investment Management’s holdings, making the stock its 22nd biggest position. Saratoga Research & Investment Management’s holdings in Biogen were worth $42,497,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently modified their holdings of BIIB. Wellington Management Group LLP lifted its stake in Biogen by 0.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after buying an additional 27,951 shares in the last quarter. Northern Trust Corp lifted its stake in Biogen by 2.8% in the 3rd quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock valued at $422,276,000 after buying an additional 45,437 shares in the last quarter. Morgan Stanley lifted its stake in Biogen by 4.3% in the 3rd quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock valued at $383,745,000 after buying an additional 61,814 shares in the last quarter. Norges Bank purchased a new position in Biogen in the 4th quarter valued at about $378,728,000. Finally, Dimensional Fund Advisors LP lifted its stake in Biogen by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,424,659 shares of the biotechnology company’s stock valued at $368,685,000 after buying an additional 43,444 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related 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 value of $57,962.26. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.16% of the company’s stock.

Biogen Stock Up 0.3 %

NASDAQ BIIB traded up $0.62 during trading hours on Monday, hitting $231.19. 405,896 shares of the company were exchanged, compared to its average volume of 1,184,689. The company has a 50 day moving average of $212.93 and a two-hundred day moving average of $230.18. 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 firm has a market cap of $33.66 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 2.34 and a beta of -0.01. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $319.76.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm’s revenue was down 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $3.40 earnings per share. Equities research analysts anticipate that Biogen Inc. will post 15.59 earnings per share for the current year.

Analysts Set New Price Targets

BIIB has been the topic of a number of research reports. Oppenheimer reissued an “outperform” rating and issued a $270.00 target price on shares of Biogen in a research note on Monday, April 29th. Wedbush raised their target price on shares of Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. William Blair reissued an “outperform” rating on shares of Biogen in a research note on Monday, April 1st. Wells Fargo & Company lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $315.00 to $240.00 in a research note on Wednesday, February 14th. Finally, Robert W. Baird decreased their target price on shares of Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $288.46.

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.