Great Valley Advisor Group Inc. Cuts Position in Biogen Inc. (NASDAQ:BIIB)

Great Valley Advisor Group Inc. decreased its position in Biogen Inc. (NASDAQ:BIIB) by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,489 shares of the biotechnology company’s stock after selling 340 shares during the period. Great Valley Advisor Group Inc.’s holdings in Biogen were worth $809,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Livelsberger Financial Advisory purchased a new position in Biogen in the fourth quarter valued at approximately $26,000. Plato Investment Management Ltd increased its holdings in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the period. Hexagon Capital Partners LLC increased its holdings in shares of Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 51 shares during the period. Rise Advisors LLC bought a new position in shares of Biogen in the first quarter worth $27,000. Finally, Versant Capital Management Inc increased its holdings in shares of Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wedbush decreased their price target on shares of Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Barclays cut their target price on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Truist Financial reiterated a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Piper Sandler cut their target price on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $288.00 target price on shares of Biogen in a research report on Thursday, August 1st. Eight research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $276.48.

Biogen Trading Down 1.7 %

Shares of Biogen stock traded down $3.57 during trading on Wednesday, reaching $200.48. 170,875 shares of the stock were exchanged, compared to its average volume of 1,137,508. The company has a quick ratio of 1.32, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The stock’s fifty day moving average is $222.00 and its 200 day moving average is $220.52. The firm has a market cap of $29.19 billion, a price-to-earnings ratio of 25.47, a price-to-earnings-growth ratio of 2.09 and a beta of -0.04. Biogen Inc. has a 1 year low of $189.44 and a 1 year high of $272.23.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the business posted $4.02 earnings per share. Biogen’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities research analysts expect that Biogen Inc. will post 15.87 earnings per share for the current fiscal 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.