Cairn Investment Group Inc. Has $1.28 Million Stake in Biogen Inc. (NASDAQ:BIIB)

Cairn Investment Group Inc. trimmed its stake in Biogen Inc. (NASDAQ:BIIB) by 27.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,363 shares of the biotechnology company’s stock after selling 3,153 shares during the period. Cairn Investment Group Inc.’s holdings in Biogen were worth $1,279,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Inspire Trust Co. N.A. increased its holdings in Biogen by 58.5% in the third quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company’s stock valued at $2,113,000 after purchasing an additional 4,025 shares during the period. Assenagon Asset Management S.A. increased its holdings in Biogen by 0.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 43,460 shares of the biotechnology company’s stock valued at $6,646,000 after purchasing an additional 111 shares during the period. Centre Asset Management LLC increased its holdings in Biogen by 7.7% in the fourth quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock valued at $7,880,000 after purchasing an additional 3,698 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Biogen by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock valued at $176,982,000 after purchasing an additional 12,319 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Biogen by 3.2% in the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after purchasing an additional 5,270 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Trading Down 0.7 %

BIIB opened at $144.41 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen Inc. has a fifty-two week low of $139.71 and a fifty-two week high of $251.99. The firm has a market capitalization of $21.04 billion, a PE ratio of 13.05, a P/E/G ratio of 1.64 and a beta of -0.07. The company’s 50-day moving average is $151.55 and its 200 day moving average is $180.05.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the business posted $4.36 EPS. As a group, research analysts predict that Biogen Inc. will post 16.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on BIIB. Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $285.00 to $204.00 in a report on Thursday, October 31st. Truist Financial cut their price target on shares of Biogen from $302.00 to $220.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Piper Sandler cut shares of Biogen from an “overweight” rating to a “neutral” rating and cut their price target for the company from $315.00 to $138.00 in a research report on Thursday, January 2nd. Oppenheimer cut their price target on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Finally, Jefferies Financial Group cut shares of Biogen from a “buy” rating to a “hold” rating and cut their price target for the company from $250.00 to $180.00 in a research report on Monday, December 9th. Sixteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Biogen presently has an average rating of “Hold” and an average target price of $228.80.

Biogen Company 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.