Stonegate Investment Group LLC Has $323,000 Stock Position in Biogen Inc. (NASDAQ:BIIB)

Stonegate Investment Group LLC trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 30.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,666 shares of the biotechnology company’s stock after selling 746 shares during the period. Stonegate Investment Group LLC’s holdings in Biogen were worth $323,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd lifted its holdings in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares in the last quarter. Rise Advisors LLC bought a new position in Biogen in the 1st quarter valued at about $27,000. Itau Unibanco Holding S.A. acquired a new position in Biogen during the 2nd quarter valued at about $33,000. Versant Capital Management Inc increased its holdings in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Biogen in the 1st quarter valued at $36,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BIIB shares. Piper Sandler reduced their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Royal Bank of Canada cut their target price on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. UBS Group decreased their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Finally, Barclays decreased their target price on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $271.39.

Biogen Price Performance

Shares of Biogen stock opened at $190.16 on Friday. The company has a market cap of $27.69 billion, a PE ratio of 23.74, a P/E/G ratio of 1.87 and a beta of -0.06. The business has a 50 day moving average of $197.09 and a 200 day moving average of $210.88. Biogen Inc. has a 52 week low of $181.31 and a 52 week high of $268.30. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same period last year, the company posted $4.02 EPS. The company’s quarterly revenue was up .4% compared to the same quarter last year. As a group, equities research analysts forecast that Biogen Inc. will post 16.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.16% of the company’s stock.

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.