STF Management LP Trims Stock Position in Biogen Inc. (NASDAQ:BIIB)

by · The Markets Daily

STF Management LP lessened its holdings in Biogen Inc. (NASDAQ:BIIB – Free Report) by 9.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,092 shares of the biotechnology company’s stock after selling 215 shares during the period. STF Management LP’s holdings in Biogen were worth $406,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BIIB. Plato Investment Management Ltd lifted its holdings in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen in the second quarter valued at about $33,000. Ashton Thomas Securities LLC purchased a new stake in shares of Biogen in the third quarter valued at about $33,000. EntryPoint Capital LLC purchased a new stake in shares of Biogen in the first quarter valued at about $36,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

BIIB opened at $158.43 on Friday. The company has a 50-day moving average of $182.60 and a 200-day moving average of $205.76. The company has a market capitalization of $23.09 billion, a P/E ratio of 14.31, a PEG ratio of 1.47 and a beta of -0.06. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the firm earned $4.36 EPS. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts expect that Biogen Inc. will post 16.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BIIB shares. Royal Bank of Canada reduced their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Truist Financial reaffirmed a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Mizuho dropped their price target on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research report on Thursday. Scotiabank dropped their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Finally, Morgan Stanley lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Thirteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $257.20.

View Our Latest Research Report on BIIB

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

About Biogen

(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 provides 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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