B. Riley Wealth Advisors Inc. Reduces Stock Position in Biogen Inc. (NASDAQ:BIIB)

B. Riley Wealth Advisors Inc. cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 12.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,251 shares of the biotechnology company’s stock after selling 330 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Biogen were worth $425,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. increased its position in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 127 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Biogen by 18.5% in the 2nd quarter. Fifth Third Bancorp now owns 3,536 shares of the biotechnology company’s stock worth $820,000 after purchasing an additional 551 shares during the period. &PARTNERS purchased a new position in shares of Biogen in the second quarter worth approximately $291,000. Finally, Retirement Systems of Alabama grew its position in Biogen by 0.4% during the second quarter. Retirement Systems of Alabama now owns 32,117 shares of the biotechnology company’s stock valued at $7,445,000 after buying an additional 136 shares during the period. 87.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BIIB has been the topic of several analyst reports. Wolfe Research initiated coverage on shares of Biogen in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. lowered their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Mizuho reduced their price target on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research report on Thursday, November 21st. BMO Capital Markets lowered their price objective on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Finally, Raymond James reissued a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Biogen has an average rating of “Moderate Buy” and a consensus target price of $245.32.

Biogen Stock Performance

Biogen stock opened at $147.39 on Friday. The company’s 50-day moving average price is $168.32 and its 200-day moving average price is $196.45. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market cap of $21.48 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08. Biogen Inc. has a twelve month low of $145.24 and a twelve month high of $268.30.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 14.98% and a net margin of 16.81%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.36 earnings per share. On average, equities research analysts forecast that Biogen Inc. will post 16.43 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.