Grimes & Company Inc. Sells 21,854 Shares of Biogen Inc. (NASDAQ:BIIB)

Grimes & Company Inc. trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB) by 46.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,613 shares of the biotechnology company’s stock after selling 21,854 shares during the quarter. Grimes & Company Inc.’s holdings in Biogen were worth $3,917,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp increased its stake in Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after buying an additional 248,942 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Biogen by 1.3% during the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares in the last quarter. RA Capital Management L.P. lifted its holdings in shares of Biogen by 20.6% in the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after acquiring an additional 202,317 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Biogen by 1.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after acquiring an additional 18,905 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Biogen by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after purchasing an additional 12,319 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Stock Up 1.8 %

Shares of NASDAQ BIIB opened at $146.20 on Friday. Biogen Inc. has a 12-month low of $139.71 and a 12-month high of $251.99. The company has a market capitalization of $21.30 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.64 and a beta of -0.07. 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’s 50-day moving average is $151.93 and its two-hundred day moving average is $181.95.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.36 earnings per share. Equities analysts anticipate that Biogen Inc. will post 16.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on BIIB. BMO Capital Markets lowered shares of Biogen from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $230.00 to $164.00 in a research report on Friday, December 20th. Wells Fargo & Company decreased their target price on shares of Biogen from $190.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, January 10th. Citigroup assumed coverage on shares of Biogen in a research report on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price objective for the company. Piper Sandler cut shares of Biogen from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $315.00 to $138.00 in a research note on Thursday, January 2nd. Finally, Barclays reduced their price target 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, October 31st. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $230.00.

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.