Banque Pictet & Cie SA cut its position in Biogen Inc. (NASDAQ:BIIB – Free Report) by 15.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,434 shares of the biotechnology company’s stock after selling 8,562 shares during the period. Banque Pictet & Cie SA’s holdings in Biogen were worth $12,632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Biogen during the fourth quarter valued at about $362,129,000. Marshall Wace LLP grew its position in shares of Biogen by 726.3% during the fourth quarter. Marshall Wace LLP now owns 1,244,150 shares of the biotechnology company’s stock worth $344,530,000 after purchasing an additional 1,093,576 shares in the last quarter. Braidwell LP bought a new stake in Biogen during the 4th quarter valued at approximately $69,934,000. Lord Abbett & CO. LLC lifted its holdings in Biogen by 1,731.6% in the 4th quarter. Lord Abbett & CO. LLC now owns 264,315 shares of the biotechnology company’s stock worth $73,194,000 after purchasing an additional 249,884 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in Biogen by 15.4% in the 4th quarter. Deutsche Bank AG now owns 1,851,114 shares of the biotechnology company’s stock worth $512,610,000 after purchasing an additional 247,691 shares during the period. 86.35% of the stock is currently owned by institutional investors.
Insider Activity at Biogen
In other news, EVP Ginger Gregory sold 2,681 shares of Biogen stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $300.00, for a total transaction of $804,300.00. Following the sale, the executive vice president now owns 8,483 shares in the company, valued at $2,544,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on the stock. Royal Bank of Canada upped their target price on shares of Biogen from $332.00 to $341.00 in a research report on Tuesday, July 11th. Morgan Stanley raised their price objective on Biogen from $349.00 to $371.00 in a research report on Tuesday, April 25th. StockNews.com assumed coverage on Biogen in a research report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Needham & Company LLC cut their price target on Biogen from $325.00 to $321.00 in a report on Wednesday, April 26th. Finally, Piper Sandler upped their price objective on Biogen from $346.00 to $360.00 in a report on Thursday, June 1st. Five analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $330.31.
Biogen Stock Down 0.1 %
BIIB stock traded down $0.39 during midday trading on Monday, hitting $278.54. The company’s stock had a trading volume of 443,802 shares, compared to its average volume of 1,009,966. The firm has a market capitalization of $40.32 billion, a P/E ratio of 12.95, a PEG ratio of 2.31 and a beta of 0.17. The company has a quick ratio of 2.81, a current ratio of 3.24 and a debt-to-equity ratio of 0.46. Biogen Inc. has a 52-week low of $193.65 and a 52-week high of $319.76. The firm has a 50-day simple moving average of $296.71 and a 200-day simple moving average of $286.72.
Biogen (NASDAQ:BIIB – Get Free Report) last released its quarterly earnings data on Tuesday, April 25th. The biotechnology company reported $3.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.15. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Biogen had a net margin of 30.99% and a return on equity of 19.60%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.62 EPS. As a group, equities analysts forecast that Biogen Inc. will post 15.39 EPS for the current year.
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 offers 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.
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