Amalgamated Bank Decreases Position in Biogen Inc. (NASDAQ:BIIB)

Amalgamated Bank lowered its position in Biogen Inc. (NASDAQ:BIIB) by 7.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,856 shares of the biotechnology company’s stock after selling 2,897 shares during the quarter. Amalgamated Bank’s holdings in Biogen were worth $9,020,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC raised its position in Biogen by 24,726.3% during the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after acquiring an additional 474,992 shares during the last quarter. abrdn plc increased its position in Biogen by 237.4% during the fourth quarter. abrdn plc now owns 437,075 shares of the biotechnology company’s stock worth $113,102,000 after buying an additional 307,532 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Biogen by 204.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 446,602 shares of the biotechnology company’s stock worth $114,781,000 after acquiring an additional 300,086 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Biogen by 24.5% in the third quarter. Van ECK Associates Corp now owns 1,189,546 shares of the biotechnology company’s stock valued at $305,725,000 after acquiring an additional 233,889 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Biogen by 28.7% during the third quarter. American Century Companies Inc. now owns 898,928 shares of the biotechnology company’s stock valued at $231,033,000 after acquiring an additional 200,310 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $217.51 on Friday. The company has a market cap of $31.67 billion, a PE ratio of 27.15, a P/E/G ratio of 2.21 and a beta of -0.01. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $319.76. The firm has a 50-day simple moving average of $212.00 and a 200 day simple moving average of $232.09. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. Biogen’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.40 earnings per share. On average, sell-side analysts anticipate that Biogen Inc. will post 15.6 EPS for the current year.

Insider Buying and Selling

In other news, Director Eric K. Rowinsky purchased 455 shares of the 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 transaction, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Eric K. Rowinsky purchased 455 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Priya Singhal sold 419 shares of Biogen stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. Insiders sold a total of 882 shares of company stock worth $202,030 in the last three months. 0.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on BIIB shares. Bank of America cut their price objective on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Bank Of America (Bofa) reduced their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. HC Wainwright lowered their price objective on Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Needham & Company LLC reiterated a “buy” rating and set a $294.00 target price on shares of Biogen in a research report on Wednesday, April 24th. Finally, Oppenheimer reissued an “outperform” rating and issued a $270.00 price target on shares of Biogen in a research note on Monday, April 29th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and a consensus target price of $290.92.

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.