TD Asset Management Inc Sells 22,748 Shares of Biogen Inc. (NASDAQ:BIIB)

TD Asset Management Inc decreased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 5.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 367,236 shares of the biotechnology company’s stock after selling 22,748 shares during the quarter. TD Asset Management Inc owned approximately 0.25% of Biogen worth $79,187,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in BIIB. Leo Wealth LLC purchased a new stake in shares of Biogen during the 4th quarter worth $2,265,000. ICICI Prudential Asset Management Co Ltd raised its stake in Biogen by 15.0% in the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock valued at $9,313,000 after buying an additional 4,693 shares during the last quarter. Dynamic Advisor Solutions LLC raised its stake in Biogen by 6.2% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after buying an additional 285 shares during the last quarter. Everence Capital Management Inc. raised its stake in Biogen by 26.6% in the fourth quarter. Everence Capital Management Inc. now owns 5,000 shares of the biotechnology company’s stock valued at $1,294,000 after buying an additional 1,050 shares during the last quarter. Finally, IFM Investors Pty Ltd raised its stake in Biogen by 3.4% in the fourth quarter. IFM Investors Pty Ltd now owns 34,188 shares of the biotechnology company’s stock valued at $8,847,000 after buying an additional 1,113 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

BIIB traded down $0.69 during trading on Friday, hitting $224.56. The company’s stock had a trading volume of 160,978 shares, compared to its average volume of 1,125,279. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The business’s fifty day simple moving average is $226.85 and its 200 day simple moving average is $226.06. The firm has a market capitalization of $32.70 billion, a price-to-earnings ratio of 28.12, a P/E/G ratio of 2.30 and a beta of -0.04. Biogen Inc. has a twelve month low of $189.44 and a twelve month high of $280.42.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The business’s revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.40 earnings per share. On average, equities research analysts forecast that Biogen Inc. will post 15.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on BIIB. HSBC increased their price target on Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Oppenheimer reiterated an “outperform” rating and issued a $270.00 price target on shares of Biogen in a research note on Monday, April 29th. Royal Bank of Canada restated an “outperform” rating and issued a $317.00 price objective on shares of Biogen in a research note on Wednesday, June 26th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Finally, Piper Sandler dropped their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Ten analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $286.00.

Biogen Company 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.