Biogen Inc. (NASDAQ:BIIB) Position Reduced by Krensavage Asset Management LLC

Krensavage Asset Management LLC reduced its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 8.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 113,502 shares of the biotechnology company’s stock after selling 10,283 shares during the quarter. Biogen makes up 12.3% of Krensavage Asset Management LLC’s portfolio, making the stock its 4th largest position. Krensavage Asset Management LLC’s holdings in Biogen were worth $22,001,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BIIB. Kovitz Investment Group Partners LLC increased its position in shares of Biogen by 45.1% in the third quarter. Kovitz Investment Group Partners LLC now owns 5,270 shares of the biotechnology company’s stock worth $1,022,000 after acquiring an additional 1,638 shares in the last quarter. Worldquant Millennium Advisors LLC lifted its position in shares of Biogen by 81.2% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 146,451 shares of the biotechnology company’s stock worth $28,388,000 after buying an additional 65,623 shares during the last quarter. Wahed Invest LLC raised its holdings in shares of Biogen by 8.9% during the third quarter. Wahed Invest LLC now owns 3,536 shares of the biotechnology company’s stock valued at $685,000 after buying an additional 289 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in Biogen by 122.1% in the third quarter. Two Sigma Advisers LP now owns 427,600 shares of the biotechnology company’s stock worth $82,886,000 after purchasing an additional 235,100 shares during the period. Finally, State Street Corp boosted its holdings in shares of Biogen by 3.5% in the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after acquiring an additional 248,942 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Trading Down 0.9 %

Shares of BIIB stock opened at $157.78 on Friday. The company has a market cap of $22.99 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 1.52 and a beta of -0.08. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The firm has a fifty day moving average price of $175.31 and a 200-day moving average price of $201.22. Biogen Inc. has a 1 year low of $153.62 and a 1 year high of $268.30.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion for 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%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.36 EPS. As a group, equities analysts predict that Biogen Inc. will post 16.45 earnings per share for the current year.

Analyst Ratings Changes

BIIB has been the subject of several recent analyst reports. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Robert W. Baird raised their target price on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Royal Bank of Canada cut their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. HC Wainwright reissued a “buy” rating and set a $300.00 price target on shares of Biogen in a research note on Thursday, October 31st. Finally, Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $285.00 to $204.00 in a report on Thursday, October 31st. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $257.20.

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.