Biogen Inc. (NASDAQ:BIIB) Shares Sold by Saratoga Research & Investment Management

Saratoga Research & Investment Management trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 0.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 162,851 shares of the biotechnology company’s stock after selling 1,375 shares during the period. Biogen makes up approximately 1.6% of Saratoga Research & Investment Management’s holdings, making the stock its 23rd biggest holding. Saratoga Research & Investment Management owned 0.11% of Biogen worth $35,115,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Leo Wealth LLC purchased a new position in shares of Biogen in the fourth quarter worth $2,265,000. ICICI Prudential Asset Management Co Ltd raised its holdings in shares of Biogen by 15.0% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after purchasing an additional 4,693 shares during the last quarter. Boone Capital Management LLC raised its holdings in shares of Biogen by 52.9% during the third quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after purchasing an additional 33,238 shares during the last quarter. iA Global Asset Management Inc. raised its holdings in shares of Biogen by 35.2% during the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after purchasing an additional 3,145 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its holdings in shares of Biogen by 6.2% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 285 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

NASDAQ BIIB traded up $3.10 during trading hours on Friday, hitting $231.82. 2,242,754 shares of the company’s stock traded hands, compared to its average volume of 1,032,978. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $287.60. The company has a market capitalization of $33.75 billion, a PE ratio of 28.94, a PEG ratio of 2.30 and a beta of -0.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. The firm’s 50-day moving average is $222.22 and its 200-day moving average is $228.55.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the company earned $3.40 EPS. Biogen’s revenue was down 7.0% compared to the same quarter last year. Equities analysts forecast that Biogen Inc. will post 15.63 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $294.00 target price on shares of Biogen in a report on Friday. Wedbush raised their target price on shares of Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. William Blair reissued an “outperform” rating on shares of Biogen in a report on Monday, April 1st. Truist Financial reaffirmed a “buy” rating and issued a $340.00 price objective on shares of Biogen in a report on Thursday, May 16th. Finally, Bank of America cut their price objective on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Ten equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $286.50.

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 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.