Richwood Investment Advisors LLC Cuts Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Richwood Investment Advisors LLC lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 8.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,131 shares of the biotechnology company’s stock after selling 301 shares during the quarter. Richwood Investment Advisors LLC’s holdings in Biogen were worth $479,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Lee Danner & Bass Inc. purchased a new stake in shares of Biogen during the fourth quarter worth $25,000. Larson Financial Group LLC increased its position in shares of Biogen by 640.9% during the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 141 shares during the period. SRS Capital Advisors Inc. purchased a new stake in shares of Biogen during the fourth quarter worth $33,000. OFI Invest Asset Management purchased a new stake in shares of Biogen during the fourth quarter worth $32,000. Finally, Itau Unibanco Holding S.A. increased its position in shares of Biogen by 63.8% during the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock worth $45,000 after acquiring an additional 90 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Jefferies Financial Group downgraded shares of Biogen from a “buy” rating to a “hold” rating and lowered their target price for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. HC Wainwright lowered their target price on shares of Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. StockNews.com downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 28th. Scotiabank lowered their target price on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 13th. Finally, Piper Sandler reiterated a “neutral” rating and set a $135.00 target price (down previously from $138.00) on shares of Biogen in a research note on Tuesday, February 18th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $213.33.

Insider Buying and Selling

In related news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the transaction, the director now directly owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.16% of the stock is currently owned by corporate insiders.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $140.90 on Friday. The company has a 50-day simple moving average of $142.16 and a 200-day simple moving average of $162.11. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The stock has a market capitalization of $20.62 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.51 and a beta of 0.01.

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