Commerce Bank Sells 2,830 Shares of Biogen Inc. (NASDAQ:BIIB)

Commerce Bank decreased its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 28.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,085 shares of the biotechnology company's stock after selling 2,830 shares during the quarter. Commerce Bank's holdings in Biogen were worth $1,083,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Inspire Trust Co. N.A. increased its holdings in Biogen by 58.5% in the third quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company's stock worth $2,113,000 after buying an additional 4,025 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Biogen by 0.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 43,460 shares of the biotechnology company's stock worth $6,646,000 after acquiring an additional 111 shares in the last quarter. Amundi increased its stake in shares of Biogen by 35.6% during the 4th quarter. Amundi now owns 1,216,990 shares of the biotechnology company's stock worth $183,461,000 after purchasing an additional 319,478 shares during the last quarter. Centre Asset Management LLC raised its holdings in shares of Biogen by 7.7% during the 4th quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company's stock valued at $7,880,000 after purchasing an additional 3,698 shares in the last quarter. Finally, Integrated Quantitative Investments LLC acquired a new stake in shares of Biogen in the 4th quarter valued at $407,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insider Activity at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now directly owns 11,318 shares of the company's stock, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Biogen Price Performance

Shares of NASDAQ BIIB traded up $0.25 during mid-day trading on Monday, hitting $119.09. 337,430 shares of the stock were exchanged, compared to its average volume of 1,346,342. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $238.00. The stock's fifty day simple moving average is $132.47 and its two-hundred day simple moving average is $148.86. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market cap of $17.43 billion, a P/E ratio of 10.65, a PEG ratio of 1.51 and a beta of 0.06.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating analysts' consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. As a group, analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Royal Bank of Canada raised their target price on Biogen from $221.00 to $225.00 and gave the company an "outperform" rating in a report on Tuesday, April 22nd. HSBC downgraded Biogen from a "buy" rating to a "hold" rating and set a $118.00 price objective on the stock. in a research note on Monday. HC Wainwright lowered their price target on Biogen from $300.00 to $241.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Truist Financial reduced their price objective on shares of Biogen from $220.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Finally, Wells Fargo & Company decreased their price target 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. Nineteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $203.07.

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.