Clark Estates Inc. NY Decreases Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Clark Estates Inc. NY reduced its stake in Biogen Inc. by 27.6%, selling 4,504 shares in the first quarter, and now holds 11,796 shares valued at approximately $1.6 million.
• Biogen's stock has faced mixed ratings from analysts, with ratings including buy and hold, and price targets ranging from $118 to $219.
• In Q1, Biogen reported $2.43 billion in revenue, exceeding expectations, though its EPS of $3.02 missed consensus estimates by $0.24.

Clark Estates Inc. NY lessened its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 27.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,796 shares of the biotechnology company's stock after selling 4,504 shares during the period. Clark Estates Inc. NY's holdings in Biogen were worth $1,614,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in shares of Biogen in the 1st quarter valued at about $26,000. Colonial Trust Co SC lifted its holdings 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 acquiring an additional 186 shares during the last quarter. Private Trust Co. NA lifted its holdings 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 acquiring an additional 98 shares during the last quarter. CVA Family Office LLC lifted its holdings 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 acquiring an additional 96 shares during the last quarter. Finally, NBC Securities Inc. bought a new position in shares of Biogen in the 1st quarter valued at about $35,000. Institutional investors own 87.93% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. HC Wainwright increased their price objective on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research report on Friday. Hsbc Global Res lowered shares of Biogen from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Piper Sandler reissued a "neutral" rating and issued a $115.00 price objective on shares of Biogen in a research report on Thursday, June 12th. The Goldman Sachs Group reduced their target price on shares of Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, Oppenheimer set a $205.00 target price on shares of Biogen in a research report on Friday, May 2nd. Twenty-one analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $185.63.

Insiders Place Their Bets

In related news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the transaction, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. This trade represents a 25.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.18% of the company's stock.

Biogen Stock Performance

Shares of NASDAQ:BIIB traded up $3.95 on Friday, hitting $131.95. 2,798,041 shares of the company were exchanged, compared to its average volume of 1,270,644. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $213.50. The stock's 50 day moving average price is $129.72 and its 200 day moving average price is $131.90. The company has a current ratio of 2.50, a quick ratio of 1.01 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $19.33 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 1.85 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The company had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter in the previous year, the company earned $5.28 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. Sell-side analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

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.