CANADA LIFE ASSURANCE Co Trims Position in Biogen Inc. (NASDAQ:BIIB)

CANADA LIFE ASSURANCE Co cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 14.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 125,227 shares of the biotechnology company’s stock after selling 20,416 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Biogen were worth $27,021,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. Livelsberger Financial Advisory purchased a new position in shares of Biogen during the 4th quarter valued at approximately $26,000. Rise Advisors LLC purchased a new position in shares of Biogen during the 1st quarter valued at approximately $27,000. Hexagon Capital Partners LLC increased its holdings in shares of Biogen by 76.1% during the 4th 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 in the last quarter. CVA Family Office LLC purchased a new position in shares of Biogen during the 4th quarter valued at approximately $36,000. Finally, Atticus Wealth Management LLC purchased a new position in shares of Biogen during the 1st quarter valued at approximately $43,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Trading Up 0.6 %

NASDAQ BIIB opened at $227.44 on Friday. The firm’s 50-day moving average is $226.68 and its two-hundred day moving average is $224.83. Biogen Inc. has a 12 month low of $189.44 and a 12 month high of $278.95. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. The stock has a market capitalization of $33.12 billion, a P/E ratio of 28.39, a PEG ratio of 2.28 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last posted 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. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the company posted $3.40 earnings per share. Biogen’s revenue for the quarter was down 7.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Biogen Inc. will post 15.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several recent research reports. Truist Financial reaffirmed a “buy” rating and set a $340.00 target price on shares of Biogen in a report on Thursday, May 16th. William Blair reissued an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Barclays cut their price target on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Bank of America cut their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $317.00 price target on shares of Biogen in a report on Wednesday, June 26th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and an average price target of $286.00.

Biogen 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.