Farmers Trust Co. Buys 2,012 Shares of Biogen Inc. (NASDAQ:BIIB)

Farmers Trust Co. lifted its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 15.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,861 shares of the biotechnology company's stock after purchasing an additional 2,012 shares during the quarter. Farmers Trust Co.'s holdings in Biogen were worth $2,034,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BIIB. Centre Asset Management LLC raised its position in Biogen by 10.4% during the 1st quarter. Centre Asset Management LLC now owns 56,894 shares of the biotechnology company's stock valued at $7,785,000 after purchasing an additional 5,364 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Biogen by 87.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 510 shares of the biotechnology company's stock valued at $70,000 after purchasing an additional 238 shares during the last quarter. California State Teachers Retirement System raised its position in Biogen by 1.2% during the 4th quarter. California State Teachers Retirement System now owns 233,318 shares of the biotechnology company's stock valued at $35,679,000 after purchasing an additional 2,811 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Biogen by 232.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 16,443 shares of the biotechnology company's stock valued at $2,514,000 after purchasing an additional 11,504 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC grew its holdings in shares of Biogen by 1.7% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 32,406 shares of the biotechnology company's stock worth $4,956,000 after acquiring an additional 548 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Stock Up 2.1%

NASDAQ:BIIB traded up $2.72 during mid-day trading on Tuesday, reaching $133.86. The stock had a trading volume of 570,797 shares, compared to its average volume of 1,410,361. The company has a market capitalization of $19.61 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00. The stock's 50 day simple moving average is $123.21 and its two-hundred day simple moving average is $138.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly 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). Biogen had a net margin of 16.87% and a return on equity of 14.98%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period last year, the firm posted $3.67 EPS. The business's quarterly revenue was up 6.2% on a year-over-year basis. Equities analysts anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their target price on Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a report on Monday, May 5th. Citigroup reduced their target price on Biogen from $160.00 to $145.00 and set a "neutral" rating on the stock in a report on Thursday, February 13th. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research note on Friday, May 2nd. Canaccord Genuity Group cut their target price on Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Truist Financial dropped their price target on Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Twenty research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $191.30.

Insider Transactions at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares of the company's stock, valued at $1,697,926.36. The trade was a 43.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

About Biogen

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.