Hartford Investment Management Co. Reduces Stake in Biogen Inc. (NASDAQ:BIIB)

Hartford Investment Management Co. lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,958 shares of the biotechnology company’s stock after selling 174 shares during the period. Hartford Investment Management Co.’s holdings in Biogen were worth $1,370,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BIIB. Ashton Thomas Securities LLC purchased a new position in Biogen in the third quarter worth about $33,000. Golden State Wealth Management LLC purchased a new position in Biogen in the fourth quarter worth about $41,000. Venturi Wealth Management LLC grew its position in Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 93 shares in the last quarter. Itau Unibanco Holding S.A. grew its position in Biogen by 63.8% in the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 90 shares in the last quarter. Finally, Quent Capital LLC grew its position in Biogen by 31.9% in the fourth quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock worth $46,000 after acquiring an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BIIB. The Goldman Sachs Group dropped their target price on Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research report on Thursday. Oppenheimer dropped their target price on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company dropped their target price on Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a research report on Thursday. Canaccord Genuity Group dropped their target price on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research report on Thursday. Finally, TD Cowen dropped their target price on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Biogen has a consensus rating of “Hold” and an average target price of $211.96.

Biogen Price Performance

NASDAQ BIIB opened at $137.33 on Friday. The firm has a market capitalization of $20.01 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.65 and a beta of -0.08. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 12-month low of $128.51 and a 12-month high of $238.00. The firm’s fifty day simple moving average is $147.31 and its two-hundred day simple moving average is $173.80.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Analysts forecast that Biogen Inc. will post 16.42 EPS for the current fiscal year.

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.