ICICI Prudential Asset Management Co Ltd Sells 2,119 Shares of Biogen Inc. (NASDAQ:BIIB)

ICICI Prudential Asset Management Co Ltd reduced its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 7.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,249 shares of the biotechnology company's stock after selling 2,119 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in Biogen were worth $4,320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Alberta Investment Management Corp increased its position in Biogen by 138.7% in the fourth quarter. Alberta Investment Management Corp now owns 33,180 shares of the biotechnology company's stock worth $5,074,000 after buying an additional 19,280 shares during the last quarter. New York State Common Retirement Fund boosted its stake in Biogen by 17.2% during the fourth quarter. New York State Common Retirement Fund now owns 111,016 shares of the biotechnology company's stock valued at $16,977,000 after buying an additional 16,271 shares during the period. Kentucky Retirement Systems Insurance Trust Fund boosted its stake in Biogen by 93.9% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 8,365 shares of the biotechnology company's stock valued at $1,279,000 after buying an additional 4,052 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Biogen during the fourth quarter valued at $751,000. Finally, CIBC Asset Management Inc boosted its stake in Biogen by 3.6% during the fourth quarter. CIBC Asset Management Inc now owns 46,807 shares of the biotechnology company's stock valued at $7,158,000 after buying an additional 1,623 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Trading Up 2.6 %

NASDAQ:BIIB traded up $3.55 during mid-day trading on Friday, reaching $140.63. 1,781,974 shares of the company's stock traded hands, compared to its average volume of 1,433,862. Biogen Inc. has a 12-month low of $128.51 and a 12-month high of $238.00. The company has a 50 day moving average price of $145.34 and a 200-day moving average price of $171.22. 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 firm has a market capitalization of $20.59 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.47 and a beta of -0.08.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share 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%. On average, sell-side analysts predict that Biogen Inc. will post 15.84 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BIIB. Stifel Nicolaus lowered Biogen from a "buy" rating to a "hold" rating and set a $175.00 price objective for the company. in a research note on Monday, December 16th. Canaccord Genuity Group dropped their price objective on Biogen from $298.00 to $265.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Jefferies Financial Group lowered Biogen from a "buy" rating to a "hold" rating and dropped their price objective for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Robert W. Baird lifted their price target on Biogen from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, November 15th. Finally, Bank of America reaffirmed a "neutral" rating and set a $178.00 price target on shares of Biogen in a research note on Tuesday, December 10th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $211.85.

About Biogen

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.