Saratoga Research & Investment Management Reduces Position in Biogen Inc. (NASDAQ:BIIB)

Saratoga Research & Investment Management lowered its holdings in Biogen Inc. (NASDAQ:BIIB) by 99.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,448 shares of the biotechnology company’s stock after selling 149,272 shares during the period. Saratoga Research & Investment Management’s holdings in Biogen were worth $221,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Signaturefd LLC boosted its stake in shares of Biogen by 3.5% during the 4th quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company’s stock valued at $320,000 after buying an additional 71 shares during the last quarter. Quent Capital LLC boosted its stake in Biogen by 31.9% during the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock valued at $46,000 after acquiring an additional 72 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in Biogen by 25.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock worth $75,000 after acquiring an additional 77 shares in the last quarter. Principal Securities Inc. increased its position in shares of Biogen by 30.1% in the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company’s stock worth $52,000 after purchasing an additional 78 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Biogen by 1.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company’s stock valued at $767,000 after purchasing an additional 79 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Down 1.4 %

BIIB opened at $138.37 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market capitalization of $20.25 billion, a PE ratio of 12.37, a P/E/G ratio of 1.51 and a beta of 0.01. The stock’s fifty day moving average is $141.88 and its 200-day moving average is $159.70. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. On average, equities analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on BIIB. Jefferies Financial Group lowered Biogen from a “buy” rating to a “hold” rating and lowered their price objective for the company from $250.00 to $180.00 in a report on Monday, December 9th. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a report on Thursday, February 13th. Piper Sandler restated a “neutral” rating and set a $135.00 price objective (down from $138.00) on shares of Biogen in a research note on Tuesday, February 18th. Morgan Stanley lowered their target price on shares of Biogen from $192.00 to $157.00 and set an “equal weight” rating for the company in a research note on Thursday, February 13th. Finally, Canaccord Genuity Group reduced their price target on shares of Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $213.33.

Insider Activity at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

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.