Klingenstein Fields & Co. LP Cuts Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Klingenstein Fields & Co. LP lowered its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 3.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,956 shares of the biotechnology company’s stock after selling 100 shares during the quarter. Klingenstein Fields & Co. LP’s holdings in Biogen were worth $573,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. KCM Investment Advisors LLC lifted its position in Biogen by 1.7% during the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock valued at $637,000 after purchasing an additional 48 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the last quarter. TFB Advisors LLC lifted its position in Biogen by 2.1% during the first quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after purchasing an additional 50 shares during the last quarter. QRG Capital Management Inc. lifted its position in Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd lifted its position in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Trading Up 0.1 %

NASDAQ BIIB opened at $174.00 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.48 and a current ratio of 1.26. The company has a market capitalization of $25.36 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.73 and a beta of -0.06. The company’s 50-day simple moving average is $192.71 and its two-hundred day simple moving average is $209.59. Biogen Inc. has a one year low of $173.14 and a one year high of $268.30.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $4.36 EPS. Equities analysts forecast that Biogen Inc. will post 16.36 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Scotiabank lowered their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Barclays lowered their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday. Wells Fargo & Company lowered their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. BMO Capital Markets lowered their target price on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, Royal Bank of Canada lowered their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $262.83.

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.