Gulf International Bank UK Ltd Sells 511 Shares of Biogen Inc. (NASDAQ:BIIB)

Gulf International Bank UK Ltd cut its holdings in Biogen Inc. (NASDAQ:BIIB) by 4.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 11,438 shares of the biotechnology company’s stock after selling 511 shares during the period. Gulf International Bank UK Ltd’s holdings in Biogen were worth $2,217,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Plato Investment Management Ltd lifted its position in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Biogen during the second quarter valued at about $33,000. EntryPoint Capital LLC purchased a new stake in shares of Biogen in the first quarter worth about $36,000. Versant Capital Management Inc boosted its position 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 acquiring an additional 85 shares during the period. Finally, Blue Trust Inc. grew its stake in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 127 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Stock Performance

NASDAQ BIIB opened at $174.40 on Thursday. The firm has a market cap of $25.41 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 1.64 and a beta of -0.06. The company has a 50-day simple moving average of $190.96 and a two-hundred day simple moving average of $209.10. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 12-month low of $170.71 and a 12-month high of $268.30.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.36 EPS. On average, equities analysts forecast that Biogen Inc. will post 16.4 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on BIIB. UBS Group lowered their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Piper Sandler reduced their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $270.00 price objective on shares of Biogen in a report on Wednesday, October 30th. Ten research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $261.58.

Insider Transactions at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction on 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 sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.16% of the company’s stock.

About Biogen

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.