Geode Capital Management LLC Acquires 82,456 Shares of Biogen Inc. (NASDAQ:BIIB)

Geode Capital Management LLC lifted its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 2.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,695,476 shares of the biotechnology company's stock after acquiring an additional 82,456 shares during the quarter. Geode Capital Management LLC owned 2.54% of Biogen worth $563,709,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of BIIB. HighPoint Advisor Group LLC increased its stake in shares of Biogen by 24.5% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,934 shares of the biotechnology company's stock worth $270,000 after purchasing an additional 381 shares in the last quarter. Franklin Resources Inc. grew its holdings in Biogen by 5.2% in the 4th quarter. Franklin Resources Inc. now owns 394,391 shares of the biotechnology company's stock valued at $60,310,000 after buying an additional 19,644 shares during the period. B. Metzler seel. Sohn & Co. AG increased its position in Biogen by 37.6% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 10,128 shares of the biotechnology company's stock worth $1,549,000 after purchasing an additional 2,767 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Biogen by 0.9% in the 4th quarter. Alliancebernstein L.P. now owns 180,723 shares of the biotechnology company's stock worth $27,636,000 after buying an additional 1,592 shares during the period. Finally, California Public Employees Retirement System lifted its stake in shares of Biogen by 0.7% in the 4th quarter. California Public Employees Retirement System now owns 397,849 shares of the biotechnology company's stock valued at $60,839,000 after purchasing an additional 2,778 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

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Insider Activity

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen 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 sale, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

BIIB has been the topic of several research reports. Piper Sandler reissued a "neutral" rating and issued a $135.00 price objective (down from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. Canaccord Genuity Group dropped their target price on shares of Biogen from $298.00 to $265.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Argus lowered shares of Biogen from a "buy" rating to a "hold" rating in a report on Friday, April 4th. The Goldman Sachs Group dropped their target price on Biogen from $281.00 to $245.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Finally, HC Wainwright cut their target price on Biogen from $300.00 to $241.00 and set a "buy" rating on the stock 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 company's stock. According to data from MarketBeat, Biogen has an average rating of "Hold" and a consensus price target of $213.15.

Biogen Stock Up 5.6 %

Shares of Biogen stock traded up $6.44 during trading on Wednesday, hitting $120.49. 3,320,686 shares of the stock traded hands, compared to its average volume of 1,344,532. 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 cap of $17.64 billion, a P/E ratio of 10.77, a PEG ratio of 1.51 and a beta of 0.06. The company has a fifty day moving average price of $137.86 and a two-hundred day moving average price of $155.09. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last released 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 return on equity of 14.98% and a net margin of 16.87%. Equities research analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal 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 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.