Brown Brothers Harriman & Co. Sells 358 Shares of Biogen Inc. (NASDAQ:BIIB)

Brown Brothers Harriman & Co. trimmed its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 7.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 4,613 shares of the biotechnology company’s stock after selling 358 shares during the period. Brown Brothers Harriman & Co.’s holdings in Biogen were worth $705,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of BIIB. Vanguard Group Inc. grew its stake in Biogen by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company’s stock valued at $2,561,238,000 after purchasing an additional 70,368 shares during the period. State Street Corp grew its position in shares of Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after acquiring an additional 248,942 shares during the period. Geode Capital Management LLC lifted its stake in Biogen by 1.3% in the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after buying an additional 2,648,024 shares during the period. Finally, Norges Bank purchased a new position in shares of Biogen during the 4th quarter valued at $355,569,000. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BIIB has been the subject of several analyst reports. Bank Of America (Bofa) cut their price objective on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a report on Tuesday, February 11th. Bank of America reaffirmed a “neutral” rating and set a $178.00 target price on shares of Biogen in a report on Tuesday, December 10th. Wells Fargo & Company cut their price target on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, February 13th. Stifel Nicolaus lowered Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective for the company. in a research note on Monday, December 16th. Finally, HC Wainwright dropped their price target on Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $213.33.

Insider Activity

In related news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the sale, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $138.37 on Monday. The company has a 50 day simple moving average of $141.88 and a two-hundred day simple moving average of $159.70. Biogen Inc. has a fifty-two week low of $128.51 and a fifty-two week high of $238.00. The company has a market capitalization of $20.25 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 1.51 and a beta of 0.01. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. Analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

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.