Biogen Inc. $BIIB Stock Sold by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. decreased its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 35.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,600 shares of the biotechnology company’s stock after selling 9,863 shares during the period. Jefferies Financial Group Inc.’s holdings in Biogen were worth $3,975,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BIIB. BlackRock Inc. bought a new position in shares of Biogen in the 2nd quarter worth about $3,453,878,000. Primecap Management Co. CA bought a new position in Biogen in the 2nd quarter valued at approximately $3,274,304,000. Wellington Management Group LLP boosted its position in shares of Biogen by 5.3% during the second quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock valued at $673,560,000 after buying an additional 155,828 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Biogen by 139.4% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company’s stock valued at $460,582,000 after acquiring an additional 1,187,237 shares during the last quarter. Finally, Amundi grew its position in Biogen by 91.8% in the 2nd quarter. Amundi now owns 1,516,831 shares of the biotechnology company’s stock worth $327,727,000 after purchasing an additional 726,004 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on BIIB. Oppenheimer reaffirmed an “outperform” rating and set a $300.00 target price on shares of Biogen in a report on Wednesday, July 29th. Piper Sandler reaffirmed an “overweight” rating and set a $305.00 price objective (up from $245.00) on shares of Biogen in a report on Monday. JPMorgan Chase & Co. upgraded Biogen from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $210.00 to $300.00 in a research report on Monday, October 12th. Citigroup reiterated a “neutral” rating on shares of Biogen in a research report on Wednesday, October 28th. Finally, Mizuho upped their price objective on Biogen from $221.00 to $241.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and a consensus price target of $254.41.

Biogen Stock Performance

BIIB opened at $250.48 on Friday. The company has a market cap of $37.03 billion, a P/E ratio of 107.04, a price-to-earnings-growth ratio of 2.87 and a beta of 0.10. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The firm’s 50-day moving average price is $232.77 and its 200-day moving average price is $204.64. Biogen Inc. has a 52-week low of $160.36 and a 52-week high of $261.00.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $4.81 earnings per share. As a group, equities analysts anticipate that Biogen Inc. will post 12.46 EPS for the current fiscal year.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.