Horizon Kinetics Asset Management LLC Sells 81 Shares of Biogen Inc. (NASDAQ:BIIB)

Horizon Kinetics Asset Management LLC cut its stake in Biogen Inc. (NASDAQ:BIIB) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,040 shares of the biotechnology company’s stock after selling 81 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in Biogen were worth $589,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC lifted its holdings in Biogen by 19,722.9% during the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock worth $695,870,000 after acquiring an additional 357,181 shares in the last quarter. Mizuho Securities USA LLC raised its position in shares of Biogen by 2,715.9% during the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock worth $61,253,000 after purchasing an additional 304,778 shares during the period. RA Capital Management L.P. lifted its holdings in shares of Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after purchasing an additional 207,835 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Biogen by 29.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock valued at $137,856,000 after purchasing an additional 162,511 shares during the period. Finally, Primecap Management Co. CA increased its stake in Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Stock Up 0.5 %

Shares of BIIB opened at $158.71 on Tuesday. The firm’s 50-day simple moving average is $181.03 and its 200 day simple moving average is $204.67. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The firm has a market cap of $23.13 billion, a P/E ratio of 14.34, a price-to-earnings-growth ratio of 1.49 and a beta of -0.06. Biogen Inc. has a 52 week low of $153.62 and a 52 week high of $268.30.

Biogen (NASDAQ:BIIB) last posted its earnings results 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 company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.36 earnings per share. On average, analysts forecast that Biogen Inc. will post 16.44 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on BIIB. JPMorgan Chase & Co. reduced their price target on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, November 4th. BMO Capital Markets lowered their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Truist Financial restated a “buy” rating and issued a $302.00 price target (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Robert W. Baird upped their price objective on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Finally, TD Cowen dropped their target price on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.20.

Insider Transactions at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the 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 owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

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.