Pallas Capital Advisors LLC Trims Stake in Biogen Inc. (NASDAQ:BIIB)

Pallas Capital Advisors LLC trimmed its stake in Biogen Inc. (NASDAQ:BIIB) by 2.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,601 shares of the biotechnology company’s stock after selling 58 shares during the period. Pallas Capital Advisors LLC’s holdings in Biogen were worth $586,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. M3 Advisory Group LLC purchased a new stake in shares of Biogen in the 2nd quarter worth $205,000. First Horizon Advisors Inc. boosted its holdings in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after buying an additional 49 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Biogen by 3.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 56,528 shares of the biotechnology company’s stock worth $13,104,000 after buying an additional 1,820 shares during the period. Raymond James & Associates boosted its holdings in Biogen by 10.4% in the 2nd quarter. Raymond James & Associates now owns 185,681 shares of the biotechnology company’s stock worth $43,045,000 after buying an additional 17,557 shares during the period. Finally, Intellectus Partners LLC boosted its holdings in Biogen by 3.5% in the 2nd quarter. Intellectus Partners LLC now owns 6,029 shares of the biotechnology company’s stock worth $1,398,000 after buying an additional 206 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BIIB. Needham & Company LLC reaffirmed a “buy” rating and issued a $285.00 target price on shares of Biogen in a report on Monday. Royal Bank of Canada upped their target price on shares of Biogen from $282.00 to $292.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Truist Financial reissued a “buy” rating and set a $302.00 price objective (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Robert W. Baird dropped their price objective on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Eight investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $276.35.

Biogen Trading Down 0.3 %

Biogen stock traded down $0.62 during midday trading on Wednesday, reaching $204.87. The stock had a trading volume of 74,154 shares, compared to its average volume of 1,122,229. The company has a quick ratio of 1.32, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $270.50. The firm has a market cap of $29.83 billion, a price-to-earnings ratio of 25.65, a price-to-earnings-growth ratio of 2.09 and a beta of -0.04. The company has a fifty day moving average of $219.39 and a 200 day moving average of $218.99.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $4.02 earnings per share. On average, analysts anticipate 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.