Impax Asset Management Group plc Has $7.52 Million Holdings in Biogen Inc. (NASDAQ:BIIB)

Impax Asset Management Group plc lifted its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 40.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,810 shares of the biotechnology company's stock after acquiring an additional 11,185 shares during the quarter. Impax Asset Management Group plc's holdings in Biogen were worth $7,523,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company's stock valued at $3,573,075,000 after purchasing an additional 2,163,068 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Biogen by 19,722.9% during the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company's stock worth $695,870,000 after acquiring an additional 357,181 shares in the last quarter. RA Capital Management L.P. increased its holdings in shares of Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company's stock valued at $159,723,000 after acquiring an additional 207,835 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of Biogen by 0.7% in the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company's stock valued at $3,787,543,000 after acquiring an additional 117,578 shares in the last quarter. Finally, Swedbank AB acquired a new stake in Biogen in the 1st quarter worth approximately $22,939,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of recent analyst reports. HC Wainwright reissued a "buy" rating and issued a $300.00 price target on shares of Biogen in a research report on Thursday, October 31st. Scotiabank cut their target price on shares of Biogen from $275.00 to $244.00 and set a "sector outperform" rating for the company in a research report on Friday, August 2nd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Morgan Stanley cut Biogen from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Finally, Truist Financial reaffirmed a "buy" rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Twelve research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $258.96.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 431 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company's stock, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.16% of the company's stock.

Biogen Price Performance

Shares of BIIB traded down $4.90 during trading hours on Friday, hitting $159.99. The stock had a trading volume of 1,917,074 shares, compared to its average volume of 1,169,550. The stock has a market capitalization of $23.31 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 1.57 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The company's fifty day moving average is $185.99 and its two-hundred day moving average is $207.38. Biogen Inc. has a 52 week low of $159.60 and a 52 week high of $268.30.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company's revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the business posted $4.36 earnings per share. On average, analysts anticipate that Biogen Inc. will post 16.4 EPS for the current year.

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.