Cibc World Markets Corp Grows Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Cibc World Markets Corp boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 14.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 26,240 shares of the biotechnology company's stock after purchasing an additional 3,267 shares during the period. Cibc World Markets Corp's holdings in Biogen were worth $4,013,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BIIB. Sovereign Investment Advisors LLC acquired a new position in shares of Biogen in the fourth quarter valued at about $232,000. Frank Rimerman Advisors LLC acquired a new position in Biogen in the 4th quarter worth approximately $510,000. Poinciana Advisors Group LLC purchased a new position in Biogen during the 4th quarter worth approximately $295,000. Hills Bank & Trust Co lifted its stake in Biogen by 4.7% during the 4th quarter. Hills Bank & Trust Co now owns 4,570 shares of the biotechnology company's stock valued at $699,000 after acquiring an additional 207 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Biogen by 517.0% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 140,320 shares of the biotechnology company's stock valued at $21,458,000 after acquiring an additional 117,576 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Trading Up 0.5 %

Shares of BIIB traded up $0.70 during midday trading on Monday, hitting $141.60. 1,829,961 shares of the stock were exchanged, compared to its average volume of 1,249,947. Biogen Inc. has a 52-week low of $128.51 and a 52-week 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 fifty day simple moving average of $142.16 and a 200 day simple moving average of $161.81. The firm has a market cap of $20.73 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.51 and a beta of 0.01.

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

Insiders Place Their Bets

In related news, Director Stephen A. Sherwin sold 8,760 shares of the business's stock in a transaction on Friday, March 7th. The stock was 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. The trade was a 43.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on BIIB. BMO Capital Markets reduced their target price on shares of Biogen from $156.00 to $139.00 and set a "market perform" rating for the company in a report on Thursday, February 13th. Sanford C. Bernstein started coverage on Biogen in a report on Tuesday, February 11th. They issued a "market perform" rating and a $160.00 price objective for the company. Stifel Nicolaus downgraded Biogen from a "buy" rating to a "hold" rating and set a $175.00 target price on the stock. in a research note on Monday, December 16th. Bank of America reiterated a "neutral" rating and set a $178.00 price target on shares of Biogen in a research report on Tuesday, December 10th. Finally, Truist Financial lowered their price objective on Biogen from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $213.33.

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.