Massachusetts Wealth Management Sells 50 Shares of Biogen Inc. (NASDAQ:BIIB)

Massachusetts Wealth Management lessened its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 1.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,900 shares of the biotechnology company’s stock after selling 50 shares during the period. Massachusetts Wealth Management’s holdings in Biogen were worth $672,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Leo Wealth LLC bought a new position in shares of Biogen in the fourth quarter worth approximately $2,265,000. Duality Advisers LP purchased a new stake in Biogen during the 1st quarter valued at $1,290,000. Tocqueville Asset Management L.P. increased its holdings in shares of 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. raised its stake in shares of Biogen by 0.9% in the first 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 last quarter. Finally, Cetera Investment Advisers lifted its holdings in shares of Biogen by 235.1% during the first 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. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

BIIB has been the subject of several research analyst reports. Piper Sandler reduced their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. HC Wainwright reissued a “buy” rating and set a $300.00 price objective on shares of Biogen in a report on Thursday, May 23rd. Barclays dropped their target price on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company decreased their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Finally, Robert W. Baird dropped their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research note on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $276.35.

Biogen Price Performance

NASDAQ:BIIB traded down $0.06 during trading hours on Friday, reaching $204.76. The stock had a trading volume of 879,061 shares, compared to its average volume of 844,377. The stock has a market capitalization of $29.83 billion, a PE ratio of 25.56, a PEG ratio of 2.06 and a beta of -0.04. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $270.50. The company has a 50 day moving average price of $215.73 and a two-hundred day moving average price of $217.15. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business’s revenue was up .4% on a year-over-year basis. During the same period last year, the company posted $4.02 EPS. As a group, sell-side analysts anticipate that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

About Biogen

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.