Ironwood Financial llc Reduces Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Ironwood Financial llc lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 2.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,535 shares of the biotechnology company’s stock after selling 79 shares during the period. Ironwood Financial llc’s holdings in Biogen were worth $685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BIIB. Duality Advisers LP purchased a new position in shares of Biogen during the 1st quarter valued at about $1,290,000. Tocqueville Asset Management L.P. boosted its position in Biogen by 924.4% in the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after purchasing an additional 41,690 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after purchasing an additional 3,380 shares during the period. Cetera Investment Advisers increased its holdings in shares of Biogen by 235.1% during the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after purchasing an additional 10,425 shares in the last quarter. Finally, M&G Plc purchased a new position in shares of Biogen during the 1st quarter valued at approximately $1,856,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Price Performance

Shares of BIIB traded down $0.01 on Thursday, reaching $188.99. The stock had a trading volume of 17,141 shares, compared to its average volume of 1,118,773. Biogen Inc. has a twelve month low of $181.31 and a twelve month high of $268.30. The firm has a market capitalization of $27.52 billion, a PE ratio of 23.60, a PEG ratio of 1.87 and a beta of -0.06. The firm has a 50-day moving average of $197.61 and a 200 day moving average of $211.20. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the prior year, the company earned $4.02 earnings per share. Biogen’s revenue was up .4% compared to the same quarter last year. Sell-side analysts expect that Biogen Inc. will post 16.13 EPS for the current year.

Analysts Set New Price Targets

BIIB has been the topic of several analyst reports. Wells Fargo & Company dropped their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Royal Bank of Canada dropped their target price on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Wedbush reduced their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Piper Sandler lowered their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, UBS Group cut their price objective on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $273.78.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on 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 directly owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% 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.