Entropy Technologies LP Sells 17,087 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Entropy Technologies LP reduced its stake in Biogen Inc. by 49.7%, selling 17,087 shares and holding 17,310 shares worth approximately $2.37 million as of its latest SEC filing.
• Biogen has received various ratings from analysts, with a current average consensus rating of "Hold" and a target price around $185.63.
• In its latest earnings report, Biogen exceeded analysts' expectations by posting $5.47 EPS and generating revenue of $2.65 billion, an increase of 7.3% year-over-year.

Entropy Technologies LP trimmed its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 49.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 17,310 shares of the biotechnology company's stock after selling 17,087 shares during the period. Entropy Technologies LP's holdings in Biogen were worth $2,369,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of BIIB. White Lighthouse Investment Management Inc. bought a new stake in shares of Biogen during the 1st quarter valued at $291,000. Invesco Ltd. raised its position in shares of Biogen by 6.4% during the 1st quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock valued at $309,944,000 after acquiring an additional 136,200 shares during the last quarter. Covestor Ltd boosted its position in shares of Biogen by 97.5% during the first quarter. Covestor Ltd now owns 642 shares of the biotechnology company's stock worth $88,000 after purchasing an additional 317 shares in the last quarter. Koss Olinger Consulting LLC bought a new position in shares of Biogen during the first quarter worth $999,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Biogen by 98.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 277,834 shares of the biotechnology company's stock worth $38,019,000 after purchasing an additional 137,514 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BIIB has been the topic of a number of recent analyst reports. Wedbush reissued a "neutral" rating and set a $121.00 price target on shares of Biogen in a research report on Thursday, June 12th. Oppenheimer set a $205.00 price target on shares of Biogen in a research report on Friday, May 2nd. Citigroup lifted their price target on shares of Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Hsbc Global Res cut shares of Biogen from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Needham & Company LLC restated a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Twenty-one analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Biogen has an average rating of "Hold" and a consensus target price of $185.63.

Insider Transactions at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction 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 completion of the sale, the insider directly owned 6,330 shares in the company, valued at $854,550. The trade was a 25.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.18% of the stock is owned by company insiders.

Biogen Stock Up 2.3%

BIIB opened at $130.67 on Monday. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $207.59. The stock's fifty day simple moving average is $129.99 and its 200 day simple moving average is $131.30. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The stock has a market cap of $19.16 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 1.03 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, topping the consensus estimate of $3.93 by $1.54. The business had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the firm posted $5.28 EPS. As a group, research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current year.

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.

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