abrdn plc Reduces Stock Position in Biogen Inc. (NASDAQ:BIIB)

abrdn plc trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 4.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 543,410 shares of the biotechnology company’s stock after selling 25,100 shares during the period. abrdn plc owned approximately 0.37% of Biogen worth $82,030,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Greenleaf Trust raised its stake in Biogen by 94.4% during the 4th quarter. Greenleaf Trust now owns 5,065 shares of the biotechnology company’s stock valued at $775,000 after buying an additional 2,459 shares during the last quarter. Chicago Partners Investment Group LLC increased its position in Biogen by 71.0% during the fourth quarter. Chicago Partners Investment Group LLC now owns 2,445 shares of the biotechnology company’s stock valued at $369,000 after acquiring an additional 1,015 shares during the last quarter. Forsta AP Fonden increased its position in Biogen by 47.0% during the fourth quarter. Forsta AP Fonden now owns 41,300 shares of the biotechnology company’s stock valued at $6,316,000 after acquiring an additional 13,200 shares during the last quarter. Smith Group Asset Management LLC bought a new position in Biogen in the fourth quarter valued at about $306,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in Biogen by 48.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 408,276 shares of the biotechnology company’s stock worth $62,434,000 after purchasing an additional 133,568 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Up 0.1 %

Shares of NASDAQ:BIIB opened at $142.49 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $150.47 and its 200 day moving average is $177.77. The stock has a market cap of $20.76 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 1.66 and a beta of -0.08. Biogen Inc. has a 52-week low of $139.71 and a 52-week high of $246.44.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BIIB shares. Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target for the company. in a research report on Monday, December 16th. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Monday, January 13th. Bank of America restated a “neutral” rating and issued a $178.00 price objective on shares of Biogen in a research note on Tuesday, December 10th. Jefferies Financial Group downgraded Biogen from a “buy” rating to a “hold” rating and lowered their target price for the company from $250.00 to $180.00 in a research report on Monday, December 9th. Finally, TD Cowen decreased their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Sixteen investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $228.80.

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.