Court Place Advisors LLC Lowers Position in Biogen Inc. (NASDAQ:BIIB)

Court Place Advisors LLC cut its stake in Biogen Inc. (NASDAQ:BIIB) by 1.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,473 shares of the biotechnology company’s stock after selling 163 shares during the period. Biogen accounts for approximately 0.9% of Court Place Advisors LLC’s portfolio, making the stock its 29th largest position. Court Place Advisors LLC’s holdings in Biogen were worth $2,710,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. ICICI Prudential Asset Management Co Ltd lifted its holdings in Biogen by 15.0% in the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after buying an additional 4,693 shares during the period. Boone Capital Management LLC lifted its holdings in shares of Biogen by 52.9% during the third quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock valued at $24,703,000 after purchasing an additional 33,238 shares during the last quarter. iA Global Asset Management Inc. lifted its holdings in shares of Biogen by 35.2% during the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 3,145 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of Biogen by 13.8% during the third quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock valued at $17,577,000 after purchasing an additional 8,291 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC lifted its holdings in shares of Biogen by 6.2% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after purchasing an additional 285 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Biogen news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 in the last 90 days. 0.60% of the stock is currently owned by corporate insiders.

Biogen Stock Performance

Shares of BIIB stock traded down $2.99 during mid-day trading on Wednesday, reaching $192.16. 1,320,645 shares of the company’s stock traded hands, compared to its average volume of 1,151,376. Biogen Inc. has a 12 month low of $192.01 and a 12 month high of $319.76. The firm has a 50 day moving average price of $218.13 and a two-hundred day moving average price of $236.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The firm has a market capitalization of $27.93 billion, a PE ratio of 24.23, a price-to-earnings-growth ratio of 1.87 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the firm posted $4.05 EPS. On average, research analysts forecast that Biogen Inc. will post 15.48 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. JPMorgan Chase & Co. lowered their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Truist Financial reiterated a “buy” rating and set a $340.00 target price on shares of Biogen in a report on Monday, March 25th. William Blair reissued an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. Finally, Wedbush reduced their price target on shares of Biogen from $245.00 to $213.00 and set a “neutral” rating for the company in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating and nineteen have assigned a 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 target price of $297.73.

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.