New York Life Investment Management LLC Cuts Position in Biogen Inc. (NASDAQ:BIIB)

New York Life Investment Management LLC reduced its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 27.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,318 shares of the biotechnology company’s stock after selling 8,777 shares during the quarter. New York Life Investment Management LLC’s holdings in Biogen were worth $6,034,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in BIIB. Stratos Wealth Partners LTD. grew its stake in shares of Biogen by 1.1% in the third quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock valued at $1,036,000 after buying an additional 42 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Biogen by 2.3% in the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock valued at $525,000 after buying an additional 45 shares in the last quarter. PAX Financial Group LLC grew its stake in shares of Biogen by 2.9% in the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock valued at $405,000 after buying an additional 45 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in shares of Biogen by 2.4% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock valued at $502,000 after buying an additional 45 shares in the last quarter. Finally, Quent Capital LLC grew its stake in shares of Biogen by 17.0% in the fourth quarter. Quent Capital LLC now owns 337 shares of the biotechnology company’s stock valued at $87,000 after buying an additional 49 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the subject of a number of recent analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $364.00 price objective on shares of Biogen in a research note on Tuesday, March 5th. Wells Fargo & Company downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. Truist Financial restated a “buy” rating and issued a $340.00 target price on shares of Biogen in a research note on Monday, March 25th. Piper Sandler decreased their price target on Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a report on Monday, April 1st. Ten equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average price target of $290.92.

Biogen Trading Up 1.9 %

NASDAQ:BIIB opened at $217.51 on Friday. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $319.76. The firm has a market capitalization of $31.67 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 2.17 and a beta of -0.01. The stock has a fifty day simple moving average of $212.12 and a 200 day simple moving average of $232.44.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the company posted $3.40 EPS. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. Sell-side analysts forecast that Biogen Inc. will post 15.6 earnings per share for the current year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by company insiders.

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.