Federated Hermes Inc. Trims Position in Biogen Inc. (NASDAQ:BIIB)

Federated Hermes Inc. lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 4.1% during the fourth quarter, HoldingsChannel reports. The firm owned 100,148 shares of the biotechnology company’s stock after selling 4,320 shares during the quarter. Federated Hermes Inc.’s holdings in Biogen were worth $25,915,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in shares of Biogen in the 4th quarter worth $25,000. OFI Invest Asset Management purchased a new position in shares of Biogen in the 3rd quarter worth $26,000. Gladius Capital Management LP purchased a new position in shares of Biogen in the 3rd quarter worth $28,000. KB Financial Partners LLC raised its position in shares of Biogen by 105.1% in the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after buying an additional 62 shares during the period. Finally, CVA Family Office LLC purchased a new position in shares of Biogen in the 4th quarter worth $36,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BIIB. Needham & Company LLC cut their target price on Biogen from $305.00 to $300.00 and set a “buy” rating on the stock in a research report on Tuesday, February 13th. Wells Fargo & Company lowered Biogen from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $315.00 to $240.00 in a research report on Wednesday, February 14th. Barclays lowered their price target on Biogen from $230.00 to $215.00 and set an “equal weight” rating for the company in a report on Thursday, April 4th. Mizuho lowered their price target on Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Finally, Truist Financial reiterated a “buy” rating and issued a $340.00 price target on shares of Biogen in a report on Monday, March 25th. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, Biogen presently has a consensus rating of “Moderate Buy” and an average price target of $295.58.

Biogen Stock Performance

Shares of BIIB stock opened at $194.38 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. Biogen Inc. has a one year low of $189.44 and a one year high of $319.76. The company’s 50-day simple moving average is $215.23 and its 200-day simple moving average is $235.57. The stock has a market capitalization of $28.26 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 1.85 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $2.47 billion. During the same period in the previous year, the business posted $4.05 EPS. Equities analysts anticipate that Biogen Inc. will post 15.48 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 419 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Biogen news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 882 shares of company stock valued at $202,030. Insiders own 0.60% of the company’s stock.

Biogen 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.