Massachusetts Financial Services Co. MA Sells 23,961 Shares of Biogen Inc. (NASDAQ:BIIB)

Massachusetts Financial Services Co. MA decreased its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 3.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 708,415 shares of the biotechnology company's stock after selling 23,961 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.48% of Biogen worth $96,940,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of BIIB. Lee Danner & Bass Inc. acquired a new stake in shares of Biogen in the 4th quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Biogen in the 1st quarter valued at about $26,000. Colonial Trust Co SC raised its stake in shares of Biogen by 9,300.0% in the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 186 shares during the period. Private Trust Co. NA raised its stake in shares of Biogen by 74.8% in the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 98 shares during the period. Finally, CVA Family Office LLC raised its stake in shares of Biogen by 71.1% in the 1st quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock valued at $32,000 after purchasing an additional 96 shares during the period. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Price Performance

NASDAQ:BIIB traded down $3.70 during trading hours on Friday, reaching $124.99. 1,524,756 shares of the company were exchanged, compared to its average volume of 1,446,816. The company has a market capitalization of $18.31 billion, a P/E ratio of 12.34, a P/E/G ratio of 1.03 and a beta of 0.14. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $236.48. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. The business has a 50 day moving average of $129.04 and a 200 day moving average of $133.50.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.03% and a net margin of 15.07%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the company earned $3.67 earnings per share. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. Research analysts forecast that Biogen Inc. will post 15.83 EPS for the current year.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the sale, the insider directly 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Morgan Stanley lowered their target price on Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Robert W. Baird lowered their target price on Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. HSBC downgraded Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price on the stock. in a research report on Monday, April 28th. The Goldman Sachs Group lowered their target price on Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. lowered their target price on Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th. Twenty analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $188.48.

Biogen 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.