Biogen Inc. (NASDAQ:BIIB) Position Trimmed by Freedom Investment Management Inc.

Freedom Investment Management Inc. trimmed its stake in Biogen Inc. (NASDAQ:BIIB) by 7.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,865 shares of the biotechnology company’s stock after selling 143 shares during the quarter. Freedom Investment Management Inc.’s holdings in Biogen were worth $362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in BIIB. Janus Henderson Group PLC grew its stake in shares of Biogen by 66.0% in the 1st quarter. Janus Henderson Group PLC now owns 35,159 shares of the biotechnology company’s stock valued at $7,581,000 after buying an additional 13,985 shares in the last quarter. Cetera Investment Advisers grew its position in Biogen by 235.1% in the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after acquiring an additional 10,425 shares in the last quarter. Cetera Advisors LLC increased its stake in shares of Biogen by 120.6% during the 1st quarter. Cetera Advisors LLC now owns 3,175 shares of the biotechnology company’s stock worth $685,000 after purchasing an additional 1,736 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Biogen by 148.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,263 shares of the biotechnology company’s stock valued at $293,000 after purchasing an additional 755 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its stake in shares of Biogen by 48.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 494 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 161 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Stock Performance

NASDAQ BIIB opened at $160.63 on Friday. Biogen Inc. has a twelve month low of $153.62 and a twelve month high of $268.30. 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 stock has a market cap of $23.41 billion, a P/E ratio of 14.51, a PEG ratio of 1.51 and a beta of -0.06. The company’s 50-day simple moving average is $177.86 and its 200 day simple moving average is $202.99.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $4.36 EPS. As a group, research analysts forecast that Biogen Inc. will post 16.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Barclays decreased their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target on the stock. in a research report on Monday, November 18th. TD Cowen decreased their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Wolfe Research assumed coverage on shares of Biogen in a report on Friday, November 15th. They issued a “peer perform” rating on the stock. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $257.20.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.16% of the company’s stock.

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.