Stratos Wealth Partners LTD. lessened its stake in Biogen Inc. (NASDAQ:BIIB – Free Report) by 14.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,010 shares of the biotechnology company’s stock after selling 653 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Biogen were worth $1,115,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Altshuler Shaham Ltd acquired a new position in Biogen in the fourth quarter valued at about $25,000. Delta Asset Management LLC TN bought a new position in shares of Biogen in the fourth quarter worth about $28,000. James Investment Research Inc. acquired a new stake in shares of Biogen in the 4th quarter valued at approximately $28,000. New England Capital Financial Advisors LLC bought a new stake in shares of Biogen during the 4th quarter valued at approximately $32,000. Finally, Concord Wealth Partners acquired a new position in Biogen during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 86.35% of the company’s stock.
Insider Buying and Selling at Biogen
In other Biogen news, EVP Ginger Gregory sold 2,681 shares of Biogen stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $300.00, for a total transaction of $804,300.00. Following the completion of the transaction, the executive vice president now owns 8,483 shares in the company, valued at approximately $2,544,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.60% of the company’s stock.
Biogen Stock Performance
Biogen (NASDAQ:BIIB – Get Free Report) last issued its earnings results on Tuesday, April 25th. The biotechnology company reported $3.40 EPS for the quarter, beating the consensus estimate of $3.25 by $0.15. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.34 billion. Biogen had a return on equity of 19.60% and a net margin of 30.99%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the business posted $3.62 EPS. On average, equities research analysts predict that Biogen Inc. will post 15.39 EPS for the current fiscal year.
Wall Street Analyst Weigh In
BIIB has been the subject of several research analyst reports. Barclays lowered their price target on shares of Biogen from $307.00 to $302.00 in a report on Wednesday, April 26th. UBS Group cut their price target on Biogen from $347.00 to $346.00 in a research note on Wednesday, April 26th. Guggenheim raised Biogen from a “neutral” rating to a “buy” rating and upped their price objective for the company from $270.00 to $350.00 in a research note on Monday, May 1st. Wedbush lifted their target price on shares of Biogen from $249.00 to $263.00 and gave the stock a “neutral” rating in a research report on Monday, April 17th. Finally, HC Wainwright reissued a “buy” rating and set a $325.00 target price on shares of Biogen in a report on Thursday, March 23rd. Five research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and a consensus price target of $330.31.
Biogen Company 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 offers 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.
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