Gateway Investment Advisers LLC Decreases Holdings in Biogen Inc. (NASDAQ:BIIB)

by · The Cerbat Gem

Gateway Investment Advisers LLC reduced its stake in Biogen Inc. (NASDAQ:BIIB – Free Report) by 0.2% during the third quarter, according to its most recent filing with the SEC. The fund owned 41,312 shares of the biotechnology company’s stock after selling 77 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Biogen were worth $8,008,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in BIIB. Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Biogen by 521.7% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,430 shares of the biotechnology company’s stock worth $277,000 after purchasing an additional 1,200 shares during the last quarter. UMB Bank n.a. grew its holdings in Biogen by 72.1% during the third quarter. UMB Bank n.a. now owns 425 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 178 shares during the period. Czech National Bank increased its position in Biogen by 6.9% in the third quarter. Czech National Bank now owns 29,672 shares of the biotechnology company’s stock worth $5,752,000 after buying an additional 1,928 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Biogen by 1.9% in the third quarter. Handelsbanken Fonder AB now owns 68,502 shares of the biotechnology company’s stock valued at $13,278,000 after buying an additional 1,296 shares during the period. Finally, Park Avenue Securities LLC lifted its position in shares of Biogen by 4.0% during the 3rd quarter. Park Avenue Securities LLC now owns 2,630 shares of the biotechnology company’s stock valued at $510,000 after buying an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

BIIB stock opened at $188.38 on Friday. The firm’s fifty day moving average is $198.14 and its 200 day moving average is $211.73. Biogen Inc. has a 52 week low of $181.31 and a 52 week high of $269.43. The firm has a market cap of $27.43 billion, a P/E ratio of 23.52, a P/E/G ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm earned $4.02 EPS. Research analysts predict that Biogen Inc. will post 16.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BIIB. Royal Bank of Canada lowered their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $285.00 price objective on shares of Biogen in a report on Tuesday, September 24th. William Blair reissued an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Scotiabank cut their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Finally, StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Nine research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen has an average rating of “Moderate Buy” and a consensus target price of $273.78.

Check Out Our Latest Report on BIIB

About Biogen

(Free Report)

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.

See Also

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB – Free Report).