Freedom Investment Management Inc. Lowers Holdings in Biogen Inc. (NASDAQ:BIIB)

Freedom Investment Management Inc. lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 7.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,865 shares of the biotechnology company’s stock after selling 143 shares during the period. Freedom Investment Management Inc.’s holdings in Biogen were worth $362,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. International Assets Investment Management LLC grew its holdings in Biogen by 19,722.9% during the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock worth $695,870,000 after acquiring an additional 357,181 shares during the period. Mizuho Securities USA LLC boosted its position in Biogen by 2,715.9% in the 3rd quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock worth $61,253,000 after purchasing an additional 304,778 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Biogen by 29.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock worth $137,856,000 after purchasing an additional 162,511 shares during the period. Primecap Management Co. CA increased its holdings in shares of Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after purchasing an additional 117,578 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Biogen in the 2nd quarter valued at $22,867,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on BIIB shares. Oppenheimer cut their price objective on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. JPMorgan Chase & Co. cut their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. UBS Group lowered their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research report on Thursday, October 3rd. Citigroup began coverage on Biogen in a research report on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price objective for the company. Finally, Royal Bank of Canada decreased 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. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.20.

Biogen Stock Up 0.5 %

BIIB stock opened at $160.63 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The company’s 50 day simple moving average is $177.86 and its 200-day simple moving average is $202.99. Biogen Inc. has a 12 month low of $153.62 and a 12 month high of $268.30. The firm has a market capitalization of $23.41 billion, a PE ratio of 14.51, a P/E/G ratio of 1.51 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.36 earnings per share. Equities analysts expect that Biogen Inc. will post 16.44 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.