AdvisorNet Financial Inc Sells 67 Shares of Biogen Inc. (NASDAQ:BIIB)

Posted by on Mar 27th, 2023

AdvisorNet Financial Inc trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB – Get Rating) by 12.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 474 shares of the biotechnology company’s stock after selling 67 shares during the period. AdvisorNet Financial Inc’s holdings in Biogen were worth $131,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC bought a new position in Biogen during the third quarter valued at about $25,000. FNY Investment Advisers LLC increased its stake in Biogen by 526.7% during the third quarter. FNY Investment Advisers LLC now owns 94 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 79 shares during the period. MinichMacGregor Wealth Management LLC bought a new stake in shares of Biogen in the 4th quarter valued at approximately $28,000. CVA Family Office LLC grew its stake in shares of Biogen by 50.0% in the 3rd quarter. CVA Family Office LLC now owns 105 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 35 shares during the period. Finally, Trustcore Financial Services LLC grew its stake in shares of Biogen by 564.7% in the 3rd quarter. Trustcore Financial Services LLC now owns 113 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 96 shares during the period. 84.40% of the stock is currently owned by institutional investors.

Biogen Stock Performance

BIIB stock opened at $270.03 on Monday. The business’s fifty day moving average is $276.85 and its 200-day moving average is $272.36. The company has a quick ratio of 2.58, a current ratio of 2.99 and a debt-to-equity ratio of 0.47. The company has a market cap of $39.02 billion, a P/E ratio of 12.90, a price-to-earnings-growth ratio of 2.24 and a beta of 0.19. Biogen Inc. has a twelve month low of $187.16 and a twelve month high of $311.88.

Biogen (NASDAQ:BIIB – Get Rating) last posted its quarterly earnings results on Wednesday, February 15th. The biotechnology company reported $4.05 earnings per share for the quarter, beating analysts’ consensus estimates of $3.48 by $0.57. The company had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.44 billion. Biogen had a return on equity of 20.96% and a net margin of 29.95%. The firm’s quarterly revenue was down 6.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.39 EPS. Equities research analysts forecast that Biogen Inc. will post 15.53 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. UBS Group upped their price objective on Biogen from $337.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, February 16th. HC Wainwright reiterated a “buy” rating and issued a $325.00 price objective on shares of Biogen in a research note on Thursday. Atlantic Securities upped their price objective on Biogen from $220.00 to $295.00 and gave the company a “neutral” rating in a research note on Thursday, December 1st. Cowen upped their price objective on Biogen from $300.00 to $315.00 and gave the company an “outperform” rating in a research note on Thursday, February 16th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $370.00 price objective on shares of Biogen in a research note on Thursday, December 1st. Seven research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $315.38.

Biogen Profile

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. Its products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for the treatment of MS, SPINRAZA for the treatment of SMA, ADUHELM for the treatment of Alzheimer’s disease, and FUMADERM for the treatment of severe plaque psoriasis.

Further Reading

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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