Fernwood Investment Management LLC Sells 120 Shares of Biogen Inc. (NASDAQ:BIIB)

Fernwood Investment Management LLC decreased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 4.2% during the 3rd quarter, Holdings Channel reports. The fund owned 2,760 shares of the biotechnology company’s stock after selling 120 shares during the quarter. Fernwood Investment Management LLC’s holdings in Biogen were worth $535,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in Biogen by 2.1% in the third quarter. Farther Finance Advisors LLC now owns 7,656 shares of the biotechnology company’s stock worth $1,484,000 after purchasing an additional 160 shares during the period. Diversify Advisory Services LLC acquired a new stake in Biogen during the 3rd quarter worth approximately $877,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Biogen by 79.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 35,863 shares of the biotechnology company’s stock worth $6,952,000 after acquiring an additional 15,902 shares during the period. abrdn plc lifted its holdings in shares of Biogen by 6.2% in the third quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock valued at $110,123,000 after purchasing an additional 33,333 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. bought a new stake in Biogen in the 3rd quarter valued at approximately $349,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

BIIB has been the topic of several analyst reports. Mizuho cut 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. Truist Financial reissued a “buy” rating and set a $302.00 price target (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Robert W. Baird lowered their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Barclays cut their price objective on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Biogen has a consensus rating of “Moderate Buy” and a consensus target price of $262.83.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen Stock Performance

BIIB traded down $0.21 during trading on Friday, hitting $173.79. The stock had a trading volume of 1,456,185 shares, compared to its average volume of 1,252,559. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 1.48. The company has a 50 day moving average price of $192.71 and a 200-day moving average price of $209.47. Biogen Inc. has a one year low of $173.14 and a one year high of $268.30. The firm has a market cap of $25.32 billion, a price-to-earnings ratio of 15.70, a P/E/G ratio of 1.73 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the firm earned $4.36 earnings per share. The company’s revenue was down 2.5% on a year-over-year basis. As a group, research analysts predict that Biogen Inc. will post 16.36 EPS for the current year.

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.