abrdn plc Sells 25,100 Shares of Biogen Inc. (NASDAQ:BIIB)

abrdn plc reduced its position in Biogen Inc. (NASDAQ:BIIB) by 4.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 543,410 shares of the biotechnology company’s stock after selling 25,100 shares during the quarter. abrdn plc’s holdings in Biogen were worth $82,030,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Grandfield & Dodd LLC boosted its stake in Biogen by 5.2% in the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock valued at $244,000 after acquiring an additional 62 shares in the last quarter. Quintet Private Bank Europe S.A. boosted its position in shares of Biogen by 9.7% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after purchasing an additional 63 shares in the last quarter. TD Private Client Wealth LLC grew its stake in Biogen by 25.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock worth $75,000 after buying an additional 77 shares during the last quarter. Huntington National Bank grew its stake in Biogen by 3.5% during the 3rd quarter. Huntington National Bank now owns 2,308 shares of the biotechnology company’s stock worth $447,000 after buying an additional 79 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Biogen by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company’s stock valued at $767,000 after buying an additional 79 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

Biogen stock opened at $142.49 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The company’s fifty day moving average price is $150.47 and its 200 day moving average price is $177.77. The stock has a market capitalization of $20.76 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.66 and a beta of -0.08. Biogen Inc. has a 1 year low of $139.71 and a 1 year high of $246.44.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BIIB. Jefferies Financial Group lowered Biogen from a “buy” rating to a “hold” rating and dropped their price target for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. Piper Sandler downgraded shares of Biogen from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $315.00 to $138.00 in a research report on Thursday, January 2nd. Mizuho decreased their price target on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. BMO Capital Markets downgraded Biogen from an “outperform” rating to a “market perform” rating and cut their target price for the company from $230.00 to $164.00 in a research report on Friday, December 20th. Finally, Oppenheimer lowered their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Sixteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Biogen has an average rating of “Hold” and an average price target of $228.80.

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.