Canada Pension Plan Investment Board Raises Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Canada Pension Plan Investment Board grew its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 27.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 261,162 shares of the biotechnology company's stock after purchasing an additional 56,132 shares during the period. Canada Pension Plan Investment Board owned approximately 0.18% of Biogen worth $39,937,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BIIB. Virtu Financial LLC acquired a new position in Biogen during the 3rd quarter valued at approximately $4,111,000. World Investment Advisors LLC acquired a new position in shares of Biogen in the 3rd quarter valued at $1,118,000. Wilmington Savings Fund Society FSB acquired a new stake in Biogen during the 3rd quarter worth about $150,000. Tidal Investments LLC increased its holdings in shares of Biogen by 13.6% in the third quarter. Tidal Investments LLC now owns 9,012 shares of the biotechnology company's stock valued at $1,747,000 after purchasing an additional 1,082 shares during the period. Finally, Synovus Financial Corp lifted its holdings in shares of Biogen by 6.0% during the third quarter. Synovus Financial Corp now owns 14,462 shares of the biotechnology company's stock worth $2,803,000 after purchasing an additional 821 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Trading Down 0.6 %

Biogen stock traded down $0.72 during trading on Wednesday, reaching $118.17. 2,019,973 shares of the company were exchanged, compared to its average volume of 1,633,991. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The stock's 50 day simple moving average is $133.56 and its two-hundred day simple moving average is $150.49. The company has a market capitalization of $17.30 billion, a P/E ratio of 10.56, a PEG ratio of 1.51 and a beta of 0.06. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating 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, equities research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Activity

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now owns 11,318 shares of the company's stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on BIIB shares. Truist Financial reduced their price target on shares of Biogen from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. William Blair restated an "outperform" rating on shares of Biogen in a research report on Monday, January 13th. HC Wainwright reduced their price objective on Biogen from $300.00 to $241.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Wells Fargo & Company decreased their price target on Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a report on Thursday, February 13th. Finally, StockNews.com downgraded shares of Biogen from a "strong-buy" rating to a "buy" rating in a report on Saturday, December 28th. Eighteen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $211.37.

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.