Invesco Ltd. Boosts Position in Biogen Inc. (NASDAQ:BIIB)

Invesco Ltd. raised its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 30.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,128,807 shares of the biotechnology company's stock after purchasing an additional 499,074 shares during the period. Invesco Ltd. owned 1.46% of Biogen worth $325,537,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Larson Financial Group LLC boosted its position in 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 last quarter. Lee Danner & Bass Inc. acquired a new stake in shares of Biogen in the fourth quarter valued at approximately $25,000. OFI Invest Asset Management purchased a new position in Biogen during the fourth quarter worth approximately $32,000. SRS Capital Advisors Inc. purchased a new stake in Biogen in the 4th quarter valued at $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Biogen in the 4th quarter worth $41,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Insider Activity at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction on 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.16% of the company's stock.

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Biogen Stock Performance

Shares of BIIB stock traded down $1.67 during trading hours on Tuesday, hitting $117.59. The stock had a trading volume of 293,160 shares, compared to its average volume of 1,640,495. The stock's 50 day moving average is $136.21 and its 200 day moving average is $153.22. The firm has a market capitalization of $17.21 billion, a PE ratio of 10.51, a PEG ratio of 1.51 and a beta of 0.06. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $238.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating analysts' consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on BIIB shares. Canaccord Genuity Group reduced their target price on shares of Biogen from $298.00 to $265.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Truist Financial decreased their price objective on Biogen from $220.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Wells Fargo & Company reduced their target price on Biogen from $165.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 13th. Argus downgraded Biogen from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, 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. Eighteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $213.15.

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.