Saratoga Research & Investment Management Lowers Stake in Biogen Inc. (NASDAQ:BIIB)

Saratoga Research & Investment Management cut its position in shares of Biogen Inc. (NASDAQ:BIIB) by 0.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 162,851 shares of the biotechnology company’s stock after selling 1,375 shares during the quarter. Biogen accounts for approximately 1.6% of Saratoga Research & Investment Management’s holdings, making the stock its 23rd largest position. Saratoga Research & Investment Management’s holdings in Biogen were worth $35,115,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BIIB. Livelsberger Financial Advisory purchased a new stake in Biogen in the fourth quarter valued at approximately $26,000. Rise Advisors LLC purchased a new stake in Biogen in the first quarter valued at approximately $27,000. Gladius Capital Management LP purchased a new stake in Biogen in the third quarter valued at approximately $28,000. KB Financial Partners LLC grew its holdings in Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 62 shares during the period. Finally, Hexagon Capital Partners LLC grew its holdings in Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 51 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Stock Up 1.4 %

BIIB traded up $3.10 during trading on Friday, hitting $231.82. The company had a trading volume of 2,242,754 shares, compared to its average volume of 1,032,978. The company has a market cap of $33.75 billion, a PE ratio of 28.94, a P/E/G ratio of 2.30 and a beta of -0.02. The business has a 50-day moving average of $222.22 and a 200-day moving average of $228.55. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $287.60.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the previous year, the firm earned $3.40 earnings per share. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. As a group, analysts forecast that Biogen Inc. will post 15.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BIIB shares. UBS Group lowered their target price on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Bank of America decreased their price objective on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Oppenheimer reiterated an “outperform” rating and set a $270.00 price objective on shares of Biogen in a research note on Monday, April 29th. Barclays decreased their price objective on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Finally, Wedbush boosted their price objective on shares of Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $286.50.

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.