Sompo Asset Management Co. Ltd. Sells 260 Shares of Biogen Inc. (NASDAQ:BIIB)

Sompo Asset Management Co. Ltd. trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 17.8% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,200 shares of the biotechnology company’s stock after selling 260 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Biogen were worth $233,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Plato Investment Management Ltd boosted its position in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in Biogen in the 2nd quarter valued at $33,000. Ashton Thomas Securities LLC bought a new position in Biogen in the 3rd quarter valued at $33,000. EntryPoint Capital LLC acquired a new position in shares of Biogen in the 1st quarter valued at $36,000. Finally, Versant Capital Management Inc lifted its stake in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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 completion of the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BIIB has been the topic of a number of analyst reports. Wells Fargo & Company cut their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird increased their price target on Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Wedbush cut their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Mizuho cut their price target on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Scotiabank cut their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $157.90 on Monday. The stock has a market capitalization of $23.01 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 1.49 and a beta of -0.06. The business has a 50-day moving average of $181.85 and a 200-day moving average of $205.12. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen Inc. has a fifty-two week low of $153.62 and a fifty-two week high of $268.30.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $4.36 EPS. As a group, sell-side analysts predict that Biogen Inc. will post 16.44 earnings per share 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.