Letko Brosseau & Associates Inc. Sells 13,330 Shares of Biogen Inc. (NASDAQ:BIIB)

Letko Brosseau & Associates Inc. lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 10.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 119,582 shares of the biotechnology company’s stock after selling 13,330 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in Biogen were worth $18,286,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of BIIB. Principal Financial Group Inc. boosted its holdings in Biogen by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after acquiring an additional 5,270 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Biogen by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company’s stock valued at $767,000 after acquiring an additional 79 shares during the period. Czech National Bank boosted its holdings in Biogen by 6.5% during the 4th quarter. Czech National Bank now owns 31,595 shares of the biotechnology company’s stock valued at $4,832,000 after acquiring an additional 1,923 shares during the period. Wedmont Private Capital lifted its holdings in shares of Biogen by 187.2% in the 4th quarter. Wedmont Private Capital now owns 3,670 shares of the biotechnology company’s stock worth $546,000 after buying an additional 2,392 shares during the period. Finally, Pallas Capital Advisors LLC lifted its holdings in shares of Biogen by 121.1% in the 4th quarter. Pallas Capital Advisors LLC now owns 5,651 shares of the biotechnology company’s stock worth $864,000 after buying an additional 3,095 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insiders Place Their Bets

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. The trade was a 43.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by insiders.

Biogen Stock Performance

Shares of Biogen stock opened at $118.20 on Monday. The business’s 50 day moving average price is $128.33 and its 200 day moving average price is $144.11. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market cap of $17.32 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 1.51 and a beta of 0.12. Biogen Inc. has a one year low of $110.04 and a one year high of $238.00.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). The business had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. Biogen’s revenue was up 6.2% compared to the same quarter last year. During the same period last year, the business earned $3.67 EPS. On average, research analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Analysts Set New Price Targets

BIIB has been the subject of several research reports. Oppenheimer set a $205.00 target price on Biogen in a report on Friday, May 2nd. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a report on Friday, May 2nd. Royal Bank of Canada lowered their target price on Biogen from $217.00 to $205.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Wells Fargo & Company decreased their price objective on Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a research note on Thursday, February 13th. Finally, Argus cut Biogen from a “buy” rating to a “hold” rating in a research note on Friday, April 4th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $191.30.

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.