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

Stonegate Investment Group LLC decreased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 30.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,666 shares of the biotechnology company’s stock after selling 746 shares during the quarter. Stonegate Investment Group LLC’s holdings in Biogen were worth $323,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BIIB. KCM Investment Advisors LLC increased its position in shares of Biogen by 1.7% during the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after acquiring an additional 48 shares in the last quarter. First Horizon Advisors Inc. raised its position in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares during the last quarter. TFB Advisors LLC lifted its stake in Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after acquiring an additional 50 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Biogen by 2.0% in the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd boosted its holdings in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on BIIB. Robert W. Baird cut their price target on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Royal Bank of Canada lowered their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Needham & Company LLC reiterated a “buy” rating and set a $285.00 price objective on shares of Biogen in a research note on Tuesday, September 24th. Cantor Fitzgerald restated an “overweight” rating and set a $292.00 target price on shares of Biogen in a report on Monday, September 9th. Finally, Mizuho dropped their price target on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $271.39.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $190.16 on Friday. Biogen Inc. has a one year low of $181.31 and a one year high of $268.30. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The company has a market cap of $27.69 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 1.87 and a beta of -0.06. The firm has a 50 day simple moving average of $197.09 and a 200 day simple moving average of $210.88.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the company earned $4.02 EPS. Biogen’s revenue was up .4% compared to the same quarter last year. Research analysts predict that Biogen Inc. will post 16.13 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction dated 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 sale, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.