Letko Brosseau & Associates Inc. Has $18.29 Million Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Letko Brosseau & Associates Inc. lowered its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 119,582 shares of the biotechnology company's stock after selling 13,330 shares during the period. Letko Brosseau & Associates Inc. owned 0.08% of Biogen worth $18,286,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of BIIB. Larson Financial Group LLC increased its position in Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock worth $25,000 after purchasing an additional 141 shares during the period. Lee Danner & Bass Inc. bought a new position in Biogen in the fourth quarter valued at approximately $25,000. Colonial Trust Co SC grew its holdings in Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 186 shares during the period. OFI Invest Asset Management bought a new stake in shares of Biogen during the 4th quarter valued at $32,000. Finally, SRS Capital Advisors Inc. acquired a new position in shares of Biogen in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. cut their target price on Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. Wells Fargo & Company decreased their price objective on shares of Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a report on Thursday, February 13th. Piper Sandler cut their price objective on Biogen from $135.00 to $115.00 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a report on Friday, May 2nd. Finally, HSBC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 price objective for the company. in a research report on Monday, April 28th. Twenty investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $191.30.

Biogen Stock Performance

NASDAQ:BIIB traded up $3.33 during mid-day trading on Thursday, hitting $123.70. 1,944,886 shares of the stock were exchanged, compared to its average volume of 1,377,579. The firm's 50-day simple moving average is $126.86 and its 200 day simple moving average is $143.40. The stock has a market capitalization of $18.13 billion, a price-to-earnings ratio of 11.05, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $238.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.25 billion. Biogen had a net margin of 16.87% and a return on equity of 14.98%. The business's revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $3.67 EPS. As a group, equities analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Transactions at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the transaction, the director now directly owns 11,318 shares in the company, valued at $1,697,926.36. This trade represents a 43.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.16% of the company's stock.

Biogen Company 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.