Ronald Blue Trust Inc. Sells 92 Shares of Biogen Inc. (NASDAQ:BIIB)

Posted by Defense World Staff on Oct 1st, 2023

Ronald Blue Trust Inc. trimmed its holdings in shares of Biogen Inc. (NASDAQ:BIIB – Free Report) by 47.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101 shares of the biotechnology company’s stock after selling 92 shares during the period. Ronald Blue Trust Inc.’s holdings in Biogen were worth $28,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of BIIB. Envestnet Asset Management Inc. boosted its holdings in shares of Biogen by 771.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,556,583 shares of the biotechnology company’s stock worth $90,400,000 after buying an additional 2,263,120 shares in the last quarter. Norges Bank acquired a new position in shares of Biogen during the fourth quarter worth approximately $362,129,000. Marshall Wace LLP raised its position in shares of Biogen by 726.3% during the fourth quarter. Marshall Wace LLP now owns 1,244,150 shares of the biotechnology company’s stock worth $344,530,000 after purchasing an additional 1,093,576 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Biogen by 49.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after purchasing an additional 691,843 shares during the period. Finally, FMR LLC raised its position in shares of Biogen by 44.7% during the first quarter. FMR LLC now owns 1,752,614 shares of the biotechnology company’s stock worth $487,279,000 after purchasing an additional 541,421 shares during the period. 85.99% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $269.43, for a total value of $116,124.33. Following the completion of the transaction, the insider now owns 3,354 shares in the company, valued at approximately $903,668.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.60% of the stock is owned by corporate insiders.

Biogen Stock Down 0.3 %

BIIB stock opened at $257.01 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.86 and a current ratio of 3.27. The company has a market capitalization of $37.22 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 2.79 and a beta of 0.13. Biogen Inc. has a fifty-two week low of $250.31 and a fifty-two week high of $319.76. The stock has a fifty day moving average of $264.15 and a 200-day moving average of $281.41.

Biogen (NASDAQ:BIIB – Get Free Report) last posted its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $4.02 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.25. Biogen had a return on equity of 17.33% and a net margin of 26.72%. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company earned $5.25 EPS. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, equities research analysts predict that Biogen Inc. will post 15.25 earnings per share for the current year.

Analysts Set New Price Targets

BIIB has been the topic of a number of research reports. Oppenheimer lowered their target price on Biogen from $360.00 to $290.00 and set an “outperform” rating on the stock in a research report on Monday, August 7th. UBS Group lowered their target price on Biogen from $346.00 to $335.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. Scotiabank initiated coverage on Biogen in a research report on Thursday, July 27th. They set a “sector outperform” rating and a $327.00 target price on the stock. Atlantic Securities lowered their target price on Biogen from $282.00 to $275.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 8th. Finally, Bank of America lowered their price target on Biogen from $310.00 to $290.00 in a research report on Monday, August 7th. Four investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $327.22.

Get Our Latest Report on BIIB

Biogen Company Profile

(Free Report)

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.