Marathon Trading Investment Management LLC Sells 11,783 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Marathon Trading Investment Management LLC significantly reduced its stake in Biogen by 81.1%, selling 11,783 shares to end with 2,750 shares valued at $376,000.
• Multiple institutional investors increased their holdings in Biogen, with notable increases from Kovitz Investment Group Partners LLC by 266.6% and Neuberger Berman Group LLC by 100.2% during the 1st quarter.
• Biogen's stock price predictions have been adjusted by several research firms, with Canaccord Genuity Group reducing its target from $265 to $220 but maintaining a "buy" rating.

Marathon Trading Investment Management LLC cut its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 81.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,750 shares of the biotechnology company's stock after selling 11,783 shares during the quarter. Marathon Trading Investment Management LLC's holdings in Biogen were worth $376,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Horizon Investments LLC boosted its stake in Biogen by 5.7% in the 1st quarter. Horizon Investments LLC now owns 2,158 shares of the biotechnology company's stock valued at $295,000 after purchasing an additional 117 shares during the period. Fox Run Management L.L.C. bought a new stake in Biogen in the 1st quarter valued at $1,247,000. Inspire Trust Co. N.A. boosted its stake in Biogen by 16.3% in the 1st quarter. Inspire Trust Co. N.A. now owns 14,300 shares of the biotechnology company's stock valued at $1,957,000 after purchasing an additional 2,000 shares during the period. Kovitz Investment Group Partners LLC boosted its stake in Biogen by 266.6% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 14,216 shares of the biotechnology company's stock valued at $1,945,000 after purchasing an additional 10,338 shares during the period. Finally, Neuberger Berman Group LLC boosted its stake in Biogen by 100.2% in the 1st quarter. Neuberger Berman Group LLC now owns 6,890 shares of the biotechnology company's stock valued at $943,000 after purchasing an additional 3,448 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction dated 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 owned 6,330 shares in the company, valued at approximately $854,550. The trade was a 25.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BIIB. Canaccord Genuity Group reduced their price target on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. The Goldman Sachs Group reduced their price target on Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Truist Financial started coverage on Biogen in a research note on Monday, July 21st. They issued a "hold" rating and a $142.00 price target for the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Finally, Hsbc Global Res cut Biogen from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Twenty-one investment 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, the company has a consensus rating of "Hold" and an average target price of $185.74.

Biogen Trading Down 0.2%

Shares of BIIB stock opened at $134.94 on Friday. The firm has a market capitalization of $19.78 billion, a P/E ratio of 12.90, a P/E/G ratio of 1.06 and a beta of 0.13. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $207.59. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. The stock's fifty day simple moving average is $130.02 and its 200 day simple moving average is $131.09.

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