Envestnet Asset Management Inc. Lowers Stake in Biogen Inc. (NASDAQ:BIIB)

Envestnet Asset Management Inc. cut its stake in Biogen Inc. (NASDAQ:BIIB) by 74.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,368 shares of the biotechnology company’s stock after selling 135,182 shares during the period. Envestnet Asset Management Inc.’s holdings in Biogen were worth $7,091,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aviva PLC boosted its holdings in shares of Biogen by 373.4% in the 4th quarter. Aviva PLC now owns 87,731 shares of the biotechnology company’s stock worth $13,416,000 after purchasing an additional 69,199 shares in the last quarter. Rhenman & Partners Asset Management AB lifted its position in Biogen by 84.4% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 123,700 shares of the biotechnology company’s stock worth $18,916,000 after buying an additional 56,600 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in Biogen in the fourth quarter worth approximately $6,811,000. Integrated Quantitative Investments LLC purchased a new stake in Biogen in the fourth quarter worth approximately $407,000. Finally, World Investment Advisors grew its position in Biogen by 9.5% during the fourth quarter. World Investment Advisors now owns 6,311 shares of the biotechnology company’s stock valued at $965,000 after acquiring an additional 545 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Stock Up 2.9 %

NASDAQ:BIIB opened at $118.61 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The firm’s 50-day moving average price is $134.29 and its 200-day moving average price is $151.20. The company has a market capitalization of $17.36 billion, a PE ratio of 10.60, a P/E/G ratio of 1.51 and a beta of 0.06. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00.

Biogen (NASDAQ:BIIB) last posted 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 return on equity of 14.98% and a net margin of 16.87%. On average, equities analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the subject of a number of recent research reports. BMO Capital Markets lowered their price objective on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a report on Thursday, February 13th. The Goldman Sachs Group lowered their price target on shares of Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Morgan Stanley reduced their price objective on Biogen from $157.00 to $152.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Royal Bank of Canada decreased their price objective on Biogen from $231.00 to $225.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Finally, HC Wainwright dropped their target price on Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Eighteen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen has a consensus rating of “Hold” and an average target price of $213.15.

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.