Diversified Trust Co Reduces Stake in Biogen Inc. (NASDAQ:BIIB)

Posted by on Mar 27th, 2023

Diversified Trust Co lowered its holdings in Biogen Inc. (NASDAQ:BIIB – Get Rating) by 6.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,208 shares of the biotechnology company’s stock after selling 163 shares during the quarter. Diversified Trust Co’s holdings in Biogen were worth $611,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Ronald Blue Trust Inc. increased its holdings in shares of Biogen by 155.6% in the 4th quarter. Ronald Blue Trust Inc. now owns 184 shares of the biotechnology company’s stock valued at $49,000 after acquiring an additional 112 shares during the last quarter. Armstrong Advisory Group Inc. purchased a new position in shares of Biogen in the 4th quarter valued at about $99,000. Wedge Capital Management L L P NC purchased a new position in shares of Biogen in the 4th quarter valued at about $37,226,000. Gofen & Glossberg LLC IL acquired a new stake in shares of Biogen in the 4th quarter valued at about $206,000. Finally, Uncommon Cents Investing LLC acquired a new stake in shares of Biogen in the 4th quarter valued at about $262,000. Hedge funds and other institutional investors own 84.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BIIB shares. Oppenheimer decreased their target price on Biogen from $320.00 to $310.00 and set an “outperform” rating for the company in a research report on Thursday, February 16th. Barclays upped their target price on Biogen from $275.00 to $313.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 30th. Morgan Stanley upped their target price on Biogen from $345.00 to $351.00 and gave the company an “overweight” rating in a research report on Thursday, February 16th. Jefferies Financial Group upped their target price on Biogen from $325.00 to $350.00 and gave the company a “buy” rating in a research report on Wednesday, November 30th. Finally, Mizuho started coverage on Biogen in a research report on Wednesday, November 30th. They issued a “buy” rating and a $325.00 target price for the company. Seven analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $315.38.

Biogen Stock Performance

Shares of BIIB stock opened at $270.03 on Monday. The company has a market cap of $39.02 billion, a price-to-earnings ratio of 12.90, a price-to-earnings-growth ratio of 2.24 and a beta of 0.19. The stock has a 50 day simple moving average of $276.85 and a 200-day simple moving average of $272.36. Biogen Inc. has a 12-month low of $187.16 and a 12-month high of $311.88. The company has a current ratio of 2.99, a quick ratio of 2.58 and a debt-to-equity ratio of 0.47.

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

Biogen Company 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.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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