Biogen Inc. (NASDAQ:BIIB) Shares Sold by Mengis Capital Management Inc.

Mengis Capital Management Inc. lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 46.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,380 shares of the biotechnology company’s stock after selling 1,200 shares during the quarter. Mengis Capital Management Inc.’s holdings in Biogen were worth $267,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Envestnet Portfolio Solutions Inc. boosted its position in Biogen by 2.4% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,295 shares of the biotechnology company’s stock valued at $711,000 after buying an additional 76 shares during the last quarter. Sei Investments Co. raised its position in shares of Biogen by 0.9% in the 1st quarter. Sei Investments Co. now owns 90,451 shares of the biotechnology company’s stock valued at $19,505,000 after purchasing an additional 837 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of Biogen by 2.0% during the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after buying an additional 51 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Biogen by 12.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 178,436 shares of the biotechnology company’s stock worth $38,476,000 after buying an additional 19,115 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Biogen by 20.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 179,419 shares of the biotechnology company’s stock valued at $38,688,000 after acquiring an additional 29,991 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Stock Performance

Shares of BIIB stock opened at $165.79 on Thursday. Biogen Inc. has a fifty-two week low of $165.53 and a fifty-two week high of $268.30. The stock’s 50-day moving average is $188.32 and its two-hundred day moving average is $208.37. 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 firm has a market cap of $24.16 billion, a P/E ratio of 14.98, a PEG ratio of 1.60 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.36 earnings per share. Analysts predict that Biogen Inc. will post 16.4 earnings per share for the current fiscal year.

Insider Activity

In other 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 completion of the transaction, the insider now directly 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on BIIB. Needham & Company LLC reissued a “buy” rating and issued a $270.00 target price on shares of Biogen in a research report on Wednesday, October 30th. Scotiabank decreased their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Royal Bank of Canada dropped their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Truist Financial reiterated 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, Cantor Fitzgerald restated an “overweight” rating and set a $292.00 price objective on shares of Biogen in a research report on Monday, September 9th. Ten equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average target price of $261.58.

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.