Biogen Inc. (NASDAQ:BIIB) Shares Sold by Oppenheimer Asset Management Inc.

by · The Markets Daily

Oppenheimer Asset Management Inc. decreased its position in shares of Biogen Inc. (NASDAQ:BIIB – Free Report) by 2.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,928 shares of the biotechnology company’s stock after selling 839 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Biogen were worth $6,964,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Biogen by 15.0% in the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the period. Primecap Management Co. CA raised its stake in shares of Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after buying an additional 117,578 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Biogen by 5.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock valued at $342,772,000 after acquiring an additional 81,283 shares during the period. RA Capital Management L.P. grew its stake in Biogen by 39.0% in the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after acquiring an additional 207,835 shares during the period. Finally, abrdn plc increased its holdings in Biogen by 6.2% in the 3rd quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock worth $110,123,000 after acquiring an additional 33,333 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen Stock Performance

Shares of Biogen stock opened at $164.89 on Friday. 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 stock has a market capitalization of $24.03 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 1.60 and a beta of -0.06. The business has a 50-day moving average of $187.54 and a 200 day moving average of $208.07. Biogen Inc. has a 12 month low of $163.35 and a 12 month high of $268.30.

Biogen (NASDAQ:BIIB – Get Free Report) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the firm earned $4.36 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts forecast that Biogen Inc. will post 16.4 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BIIB. Barclays dropped their target price on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Oppenheimer cut their price objective on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 target price on shares of Biogen in a research report on Monday, September 9th. Truist Financial reaffirmed a “buy” rating and set a $302.00 target price (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. Finally, UBS Group lowered their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Eleven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $258.72.

Check Out Our Latest Research Report on Biogen

Biogen Profile

(Free Report)

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.

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