Orbimed Advisors LLC Sells 303,900 Shares of Biogen Inc. (NASDAQ:BIIB)

Orbimed Advisors LLC reduced its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 37.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 509,100 shares of the biotechnology company's stock after selling 303,900 shares during the period. Biogen accounts for 1.7% of Orbimed Advisors LLC's portfolio, making the stock its 19th largest position. Orbimed Advisors LLC owned approximately 0.35% of Biogen worth $77,852,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Signaturefd LLC raised its position in 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 during the last quarter. Quent Capital LLC boosted its holdings in 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 during the period. Principal Securities Inc. lifted its holdings in 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 purchasing an additional 78 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Biogen by 1.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company's stock valued at $767,000 after acquiring an additional 79 shares during the last quarter. Finally, Israel Discount Bank of New York grew its holdings in Biogen by 6.2% during the 4th quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company's stock valued at $215,000 after buying an additional 82 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction dated 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 in the company, valued at $1,697,926.36. This trade represents a 43.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.16% of the company's stock.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $124.40 on Tuesday. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $238.00. The stock has a market capitalization of $18.23 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The company's 50 day simple moving average is $127.94 and its 200 day simple moving average is $143.71.

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Robert W. Baird decreased their price target on Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. HC Wainwright reduced their target price on shares of Biogen from $241.00 to $187.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Hsbc Global Res lowered shares of Biogen from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Bank Of America (Bofa) cut their price target on shares of Biogen from $178.00 to $163.00 and set a "neutral" rating on the stock in a report on Tuesday, February 11th. Finally, HSBC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 price objective for the company. in a research report on Monday, April 28th. Twenty analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $191.30.

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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