Nuveen Asset Management LLC Has $45.99 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Nuveen Asset Management LLC cut its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 6.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 300,741 shares of the biotechnology company's stock after selling 22,446 shares during the period. Nuveen Asset Management LLC owned about 0.21% of Biogen worth $45,989,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Signaturefd LLC raised its holdings in shares of Biogen by 3.5% in the 4th quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock worth $320,000 after buying an additional 71 shares in the last quarter. Quent Capital LLC raised its holdings in shares of Biogen by 31.9% in the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company's stock worth $46,000 after buying an additional 72 shares in the last quarter. Principal Securities Inc. raised its holdings in shares of Biogen by 30.1% in the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company's stock worth $52,000 after buying an additional 78 shares in the last quarter. Israel Discount Bank of New York raised its holdings in shares of Biogen by 6.2% in the 4th quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company's stock worth $215,000 after buying an additional 82 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators raised its holdings in shares of Biogen by 5.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,612 shares of the biotechnology company's stock worth $247,000 after buying an additional 87 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

BIIB stock opened at $129.44 on Tuesday. The business's 50-day moving average price is $125.74 and its two-hundred day moving average price is $141.78. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The firm has a market cap of $18.97 billion, a PE ratio of 11.57, a P/E/G 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.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. The business's revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.67 earnings per share. As a group, research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current year.

Analyst Ratings Changes

BIIB has been the subject of a number of recent research reports. Mizuho dropped their target price on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Morgan Stanley dropped their target price on Biogen from $157.00 to $152.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. JPMorgan Chase & Co. dropped their price target on Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a report on Monday, May 5th. Truist Financial dropped their price target on Biogen from $210.00 to $199.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, Scotiabank dropped their price target on Biogen from $244.00 to $224.00 and set a "sector outperform" rating for the company in a report on Thursday, February 13th. Twenty investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Biogen currently has a consensus rating of "Hold" and a consensus target price of $191.30.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. The trade was a 43.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.16% of the company's stock.

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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