Beacon Investment Advisory Services Inc. Sells 3,529 Shares of Biogen Inc. (NASDAQ:BIIB)

Beacon Investment Advisory Services Inc. cut its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 18.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,080 shares of the biotechnology company's stock after selling 3,529 shares during the quarter. Beacon Investment Advisory Services Inc.'s holdings in Biogen were worth $2,200,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Israel Discount Bank of New York lifted its stake in shares of Biogen by 6.2% in the fourth quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company's stock valued at $215,000 after buying an additional 82 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Biogen by 4.1% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 2,343 shares of the biotechnology company's stock worth $358,000 after buying an additional 92 shares during the last quarter. Quent Capital LLC increased its holdings in Biogen by 31.2% during the first quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock worth $54,000 after buying an additional 93 shares during the last quarter. CVA Family Office LLC increased its holdings in Biogen by 71.1% during the first quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock worth $32,000 after buying an additional 96 shares during the last quarter. Finally, Private Trust Co. NA increased its holdings in Biogen by 74.8% during the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock worth $31,000 after buying an additional 98 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Trading Up 3.2%

NASDAQ BIIB traded up $3.94 on Tuesday, hitting $126.62. 441,760 shares of the stock were exchanged, compared to its average volume of 1,447,456. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.01 and a current ratio of 1.44. The stock has a fifty day moving average price of $129.18 and a two-hundred day moving average price of $133.05. The firm has a market capitalization of $18.55 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.00 and a beta of 0.14. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $236.48.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results 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). Biogen had a net margin of 15.07% and a return on equity of 14.03%. The company had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.25 billion. During the same period in the prior year, the firm posted $3.67 earnings per share. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. Research analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Activity

In other news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the transaction, the insider owned 6,330 shares in the company, valued at $854,550. This represents a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.18% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Oppenheimer set a $205.00 target price on shares of Biogen in a research report on Friday, May 2nd. The Goldman Sachs Group dropped their target price on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Truist Financial upgraded shares of Biogen to a "hold" rating and set a $142.00 target price for the company in a research report on Monday. Argus lowered shares of Biogen from a "buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Robert W. Baird lowered their price objective on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Twenty-one investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $186.37.

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.

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