Cairn Investment Group Inc. Decreases Position in Biogen Inc. (NASDAQ:BIIB)

Cairn Investment Group Inc. lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 27.4% in the 4th quarter, HoldingsChannel reports. The firm owned 8,363 shares of the biotechnology company’s stock after selling 3,153 shares during the quarter. Cairn Investment Group Inc.’s holdings in Biogen were worth $1,279,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of BIIB. Public Sector Pension Investment Board increased its stake in shares of Biogen by 77.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 5,661 shares of the biotechnology company’s stock worth $1,312,000 after purchasing an additional 2,465 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Biogen by 270.3% during the 2nd quarter. AQR Capital Management LLC now owns 23,557 shares of the biotechnology company’s stock worth $5,461,000 after purchasing an additional 17,195 shares during the last quarter. Creative Planning increased its stake in shares of Biogen by 32.4% during the 2nd quarter. Creative Planning now owns 18,274 shares of the biotechnology company’s stock worth $4,236,000 after purchasing an additional 4,473 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Biogen by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,309 shares of the biotechnology company’s stock worth $1,694,000 after purchasing an additional 543 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Biogen during the 2nd quarter worth approximately $1,387,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a report on Monday, November 18th. Wells Fargo & Company cut their price objective on shares of Biogen from $190.00 to $165.00 and set an “equal weight” rating for the company in a report on Friday, January 10th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Monday, January 13th. BMO Capital Markets downgraded shares of Biogen from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $230.00 to $164.00 in a report on Friday, December 20th. Finally, Piper Sandler downgraded shares of Biogen from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $315.00 to $138.00 in a report on Thursday, January 2nd. Sixteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Biogen has a consensus rating of “Hold” and an average price target of $228.80.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $144.41 on Thursday. The stock has a market cap of $21.04 billion, a PE ratio of 13.05, a PEG ratio of 1.64 and a beta of -0.07. The company’s fifty day moving average is $151.55 and its 200 day moving average is $180.05. Biogen Inc. has a 52 week low of $139.71 and a 52 week high of $251.99. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $4.36 EPS. Research analysts anticipate that Biogen Inc. will post 16.41 earnings per share for the current year.

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.