Allstate Corp Invests $657,000 in Biogen Inc. (NASDAQ:BIIB)

Allstate Corp acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB) in the fourth quarter, Holdings Channel reports. The firm acquired 4,298 shares of the biotechnology company’s stock, valued at approximately $657,000.

Several other large investors also recently added to or reduced their stakes in BIIB. Signaturefd LLC raised its stake in shares of Biogen by 3.5% during the fourth quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company’s stock valued at $320,000 after acquiring an additional 71 shares in the last quarter. Quent Capital LLC raised its position in Biogen by 31.9% during the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock valued at $46,000 after purchasing an additional 72 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in shares of Biogen by 25.0% in 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 period. Principal Securities Inc. grew its position in shares of Biogen by 30.1% during the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company’s stock worth $52,000 after buying an additional 78 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Biogen by 1.6% during the fourth 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 during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $136.84 on Tuesday. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00. The company’s 50 day moving average is $141.81 and its 200 day moving average is $159.27. The company has a market cap of $20.03 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01.

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

Insider Buying and Selling at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

BIIB has been the subject of a number of research reports. Wells Fargo & Company lowered their price objective on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a research note on Thursday, February 13th. Morgan Stanley dropped their price objective on shares of Biogen from $192.00 to $157.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 13th. Jefferies Financial Group downgraded shares of Biogen from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. The Goldman Sachs Group dropped their target price on Biogen from $281.00 to $245.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Finally, Truist Financial reduced their price target on Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Seventeen equities research 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.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $213.33.

Biogen Profile

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.