Harvest Fund Management Co. Ltd Increases Stake in Biogen Inc. (NASDAQ:BIIB)

Harvest Fund Management Co. Ltd grew its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 27.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,576 shares of the biotechnology company's stock after purchasing an additional 1,866 shares during the period. Harvest Fund Management Co. Ltd's holdings in Biogen were worth $1,311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in BIIB. Vinva Investment Management Ltd acquired a new stake in shares of Biogen in the 4th quarter worth $281,000. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Biogen by 181.2% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 44,266 shares of the biotechnology company's stock valued at $6,769,000 after purchasing an additional 28,524 shares during the period. Intech Investment Management LLC acquired a new stake in Biogen during the fourth quarter worth about $1,415,000. Generali Asset Management SPA SGR purchased a new position in Biogen during the fourth quarter worth about $2,477,000. Finally, Evoke Wealth LLC boosted its holdings in Biogen by 1.0% in the 4th quarter. Evoke Wealth LLC now owns 11,568 shares of the biotechnology company's stock valued at $1,769,000 after purchasing an additional 112 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Wall Street Analyst Weigh In

BIIB has been the topic of several analyst reports. Stifel Nicolaus lowered shares of Biogen from a "buy" rating to a "hold" rating and set a $175.00 price target on the stock. in a research report on Monday, December 16th. Jefferies Financial Group lowered Biogen from a "buy" rating to a "hold" rating and decreased their price target for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Truist Financial cut their price objective on Biogen from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. HC Wainwright decreased their target price on shares of Biogen from $300.00 to $241.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Finally, Scotiabank dropped their price target on shares of Biogen from $244.00 to $224.00 and set a "sector outperform" rating for the company in a research report on Thursday, February 13th. Seventeen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $213.33.

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Insider Activity

In other news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company's stock, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.16% of the company's stock.

Biogen Stock Up 0.5 %

Shares of NASDAQ BIIB traded up $0.70 during mid-day trading on Monday, reaching $141.60. The company had a trading volume of 1,829,961 shares, compared to its average volume of 1,249,949. Biogen Inc. has a 52-week low of $128.51 and a 52-week high of $238.00. The stock has a market cap of $20.73 billion, a P/E ratio of 12.65, a PEG ratio of 1.51 and a beta of 0.01. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The firm has a 50 day simple moving average of $142.16 and a two-hundred day simple moving average of $161.81.

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

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.