New York Life Investment Management LLC Sells 8,777 Shares of Biogen Inc. (NASDAQ:BIIB)

New York Life Investment Management LLC cut its position in Biogen Inc. (NASDAQ:BIIB) by 27.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 23,318 shares of the biotechnology company’s stock after selling 8,777 shares during the period. New York Life Investment Management LLC’s holdings in Biogen were worth $6,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in Biogen in the 3rd quarter valued at $26,000. Gladius Capital Management LP bought a new stake in Biogen in the 3rd quarter valued at $28,000. KB Financial Partners LLC lifted its position in shares of Biogen by 105.1% during the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 62 shares during the period. Hexagon Capital Partners LLC lifted its position 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 acquiring an additional 51 shares during the period. Finally, CVA Family Office LLC bought a new stake in shares of Biogen during the 4th quarter valued at $36,000. 87.93% of the stock is currently owned by institutional investors.

Biogen Stock Up 1.9 %

BIIB stock opened at $217.51 on Friday. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $319.76. The stock’s fifty day simple moving average is $212.12 and its two-hundred day simple moving average is $232.44. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The stock has a market cap of $31.67 billion, a P/E ratio of 27.15, a P/E/G ratio of 2.17 and a beta of -0.01.

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

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of recent analyst reports. Bank Of America (Bofa) cut their target price on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research report on Monday, February 12th. Barclays cut their target price on Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Canaccord Genuity Group cut their target price on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday, February 20th. HSBC upped their target price on Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research report on Friday. Finally, Robert W. Baird cut their target price on Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, Biogen has an average rating of “Moderate Buy” and an average price target of $290.92.

About Biogen

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.