Edgestream Partners L.P. Has $2.31 Million Position in Biogen Inc. (NASDAQ:BIIB)

Edgestream Partners L.P. lowered its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 16.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,850 shares of the biotechnology company's stock after selling 3,285 shares during the period. Edgestream Partners L.P.'s holdings in Biogen were worth $2,306,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BIIB. Norges Bank bought a new position in Biogen in the fourth quarter worth about $355,569,000. Invesco Ltd. raised its holdings in shares of Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after buying an additional 499,074 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Biogen by 982.0% during the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after buying an additional 489,811 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Biogen by 63.7% during the fourth quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after buying an additional 455,285 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Biogen by 33.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock valued at $234,551,000 after buying an additional 381,122 shares during the last quarter. Institutional investors own 87.93% of the company's stock.

Biogen Stock Down 2.9%

Shares of BIIB stock traded down $3.70 on Friday, hitting $124.99. The company's stock had a trading volume of 1,524,813 shares, compared to its average volume of 1,449,178. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $236.48. The firm's fifty day moving average price is $129.18 and its 200-day moving average price is $133.31. The stock has a market capitalization of $18.31 billion, a price-to-earnings ratio of 12.34, a P/E/G ratio of 1.03 and a beta of 0.14.

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 analysts' consensus estimates of $3.26 by ($0.24). The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.25 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. The firm's revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $3.67 EPS. Research analysts anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Mizuho cut their price target on Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Hsbc Global Res lowered shares of Biogen from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Royal Bank Of Canada set a $213.00 price objective on shares of Biogen and gave the company an "outperform" rating in a research note on Wednesday, June 25th. The Goldman Sachs Group lowered their price objective on shares of Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, Morgan Stanley lowered their price objective on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Twenty research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $188.48.

Insider Activity

In other news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the sale, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. This represents a 25.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.18% 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.