Biogen Inc. (NASDAQ:BIIB) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in Biogen Inc. (NASDAQ:BIIB) by 58.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 24,238 shares of the biotechnology company’s stock after selling 33,675 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Biogen were worth $6,272,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. ICICI Prudential Asset Management Co Ltd lifted its holdings in Biogen by 15.0% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock valued at $9,313,000 after purchasing an additional 4,693 shares in the last quarter. Boone Capital Management LLC lifted its holdings in Biogen by 52.9% in the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock valued at $24,703,000 after purchasing an additional 33,238 shares in the last quarter. iA Global Asset Management Inc. lifted its holdings in Biogen by 35.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 3,145 shares in the last quarter. Illinois Municipal Retirement Fund lifted its holdings in Biogen by 13.8% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock valued at $17,577,000 after purchasing an additional 8,291 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC lifted its holdings in Biogen by 6.2% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after purchasing an additional 285 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric K. Rowinsky purchased 455 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 882 shares of company stock valued at $202,030. 0.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. UBS Group reduced their target price on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. reduced their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $311.00 price objective on shares of Biogen in a report on Tuesday, February 20th. Barclays cut their price objective on shares of Biogen from $230.00 to $215.00 and set an “equal weight” rating on the stock in a report on Thursday, April 4th. Finally, StockNews.com lowered shares of Biogen from a “buy” rating to a “hold” rating in a report on Tuesday, February 20th. Ten analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $296.35.

Biogen Stock Down 0.9 %

Shares of NASDAQ:BIIB opened at $190.52 on Friday. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. Biogen Inc. has a 52-week low of $189.52 and a 52-week high of $319.76. The company has a 50 day moving average of $216.17 and a two-hundred day moving average of $236.24. The company has a market capitalization of $27.69 billion, a price-to-earnings ratio of 23.87, a price-to-earnings-growth ratio of 1.86 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period in the previous year, the business posted $4.05 EPS. As a group, analysts forecast that Biogen Inc. will post 15.48 earnings per share for the current fiscal year.

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.