Stratos Wealth Advisors LLC Decreases Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Posted by on Oct 1st, 2023

Stratos Wealth Advisors LLC decreased its holdings in shares of Biogen Inc. (NASDAQ:BIIB – Free Report) by 5.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 731 shares of the biotechnology company’s stock after selling 39 shares during the period. Stratos Wealth Advisors LLC’s holdings in Biogen were worth $208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its holdings in Biogen by 771.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,556,583 shares of the biotechnology company’s stock valued at $90,400,000 after purchasing an additional 2,263,120 shares in the last quarter. Norges Bank purchased a new position in Biogen in the 4th quarter valued at $362,129,000. Marshall Wace LLP lifted its holdings in Biogen by 726.3% in the 4th quarter. Marshall Wace LLP now owns 1,244,150 shares of the biotechnology company’s stock valued at $344,530,000 after purchasing an additional 1,093,576 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Biogen by 49.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock valued at $580,627,000 after purchasing an additional 691,843 shares in the last quarter. Finally, FMR LLC lifted its holdings in Biogen by 44.7% in the 1st quarter. FMR LLC now owns 1,752,614 shares of the biotechnology company’s stock valued at $487,279,000 after purchasing an additional 541,421 shares in the last quarter. Hedge funds and other institutional investors own 85.99% of the company’s stock.

Biogen Stock Performance

NASDAQ BIIB opened at $257.01 on Friday. The company has a market cap of $37.22 billion, a P/E ratio of 13.99, a P/E/G ratio of 2.79 and a beta of 0.13. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.27 and a quick ratio of 2.86. The stock has a 50-day moving average of $264.15 and a two-hundred day moving average of $281.41. Biogen Inc. has a 1-year low of $250.31 and a 1-year high of $319.76.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on BIIB. UBS Group decreased their price objective on Biogen from $346.00 to $335.00 and set a “buy” rating on the stock in a report on Monday, July 24th. Needham & Company LLC reduced their price target on Biogen from $323.00 to $305.00 and set a “buy” rating on the stock in a report on Tuesday, August 8th. Oppenheimer reduced their price target on Biogen from $360.00 to $290.00 and set an “outperform” rating on the stock in a report on Monday, August 7th. Royal Bank of Canada lifted their price target on Biogen from $354.00 to $357.00 and gave the stock an “outperform” rating in a report on Tuesday, August 29th. Finally, Robert W. Baird reduced their price target on Biogen from $340.00 to $333.00 in a report on Monday, August 7th. Four investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $327.22.

Check Out Our Latest Stock Report on Biogen

Insider Activity

In other news, insider Priya Singhal sold 431 shares of Biogen 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.60% of the company’s stock.

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.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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