Chevy Chase Trust Holdings LLC Trims Stake in Biogen Inc. (NASDAQ:BIIB)

Chevy Chase Trust Holdings LLC trimmed its stake in Biogen Inc. (NASDAQ:BIIB) by 2.3% in the 4th quarter, HoldingsChannel reports. The firm owned 76,820 shares of the biotechnology company’s stock after selling 1,805 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Biogen were worth $11,747,000 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 BIIB. Ashton Thomas Securities LLC purchased a new stake in shares of Biogen in the 3rd quarter worth $33,000. Golden State Wealth Management LLC purchased a new stake in shares of Biogen in the 4th quarter worth $41,000. Venturi Wealth Management LLC increased its stake in shares of Biogen by 73.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 93 shares in the last quarter. Itau Unibanco Holding S.A. increased its stake in shares of Biogen by 63.8% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 90 shares in the last quarter. Finally, Quent Capital LLC increased its stake in shares of Biogen by 31.9% in the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock worth $46,000 after purchasing an additional 72 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Mizuho cut their price target on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research note on Thursday, November 21st. Piper Sandler lowered Biogen from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $315.00 to $138.00 in a research note on Thursday, January 2nd. Jefferies Financial Group lowered Biogen from a “buy” rating to a “hold” rating and cut their price target for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. The Goldman Sachs Group cut their price target on Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Stifel Nicolaus lowered Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target for the company. in a research note on Monday, December 16th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $211.96.

Biogen Stock Performance

Biogen stock opened at $137.33 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen Inc. has a 1-year low of $128.51 and a 1-year high of $238.00. The firm has a market capitalization of $20.01 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. The company’s 50-day moving average is $146.90 and its 200 day moving average is $172.99.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Research analysts forecast that Biogen Inc. will post 16.42 EPS for the current year.

Biogen 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.