Essex Investment Management Co. LLC Decreases Stake in Biogen Inc. (NASDAQ:BIIB)

Essex Investment Management Co. LLC reduced its position in Biogen Inc. (NASDAQ:BIIB – Get Rating) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,582 shares of the biotechnology company’s stock after selling 66 shares during the period. Essex Investment Management Co. LLC’s holdings in Biogen were worth $3,019,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Avondale Wealth Management acquired a new stake in shares of Biogen in the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC acquired a new stake in Biogen during the fourth quarter worth about $27,000. Equitec Proprietary Markets LLC acquired a new stake in Biogen during the fourth quarter worth about $27,000. Amplius Wealth Advisors LLC acquired a new stake in Biogen during the fourth quarter worth about $28,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Biogen during the fourth quarter worth about $40,000. 83.92% of the stock is owned by institutional investors.

Biogen stock traded down $0.27 during midday trading on Tuesday, reaching $198.11. The stock had a trading volume of 3,141 shares, compared to its average volume of 1,262,620. The firm’s fifty day simple moving average is $207.07 and its two-hundred day simple moving average is $224.84. Biogen Inc. has a twelve month low of $187.16 and a twelve month high of $468.55. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.01 and a quick ratio of 1.70. The firm has a market cap of $29.01 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 1.24 and a beta of 0.42.

Biogen (NASDAQ:BIIB – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported $3.62 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.79). Biogen had a return on equity of 23.46% and a net margin of 13.40%. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the prior year, the business posted $5.34 EPS. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, sell-side analysts predict that Biogen Inc. will post 15.43 EPS for the current fiscal year.

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group dropped their price objective on shares of Biogen from $335.00 to $305.00 and set a “buy” rating on the stock in a research note on Monday, February 7th. Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and dropped their price target for the company from $304.00 to $223.00 in a research note on Tuesday, March 8th. Wedbush restated a “neutral” rating on shares of Biogen in a research note on Thursday, April 28th. Oppenheimer dropped their price target on shares of Biogen from $240.00 to $225.00 in a research note on Wednesday, May 4th. Finally, Canaccord Genuity Group dropped their price target on shares of Biogen from $335.00 to $305.00 and set a “buy” rating on the stock in a research note on Monday, February 7th. Seventeen research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $284.47.

Biogen Company Profile (Get Rating)

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

Read More