Intech Investment Management LLC Buys New Stake in Biogen Inc. (NASDAQ:BIIB)

Intech Investment Management LLC acquired a new position in Biogen Inc. (NASDAQ:BIIB - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,250 shares of the biotechnology company's stock, valued at approximately $1,415,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BIIB. State Street Corp boosted its position in shares of Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company's stock worth $1,423,747,000 after purchasing an additional 248,942 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Biogen by 1.3% in the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company's stock worth $698,062,000 after acquiring an additional 47,055 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after acquiring an additional 2,648,024 shares during the last quarter. Amundi increased its holdings in shares of Biogen by 35.6% during the fourth quarter. Amundi now owns 1,216,990 shares of the biotechnology company's stock valued at $183,461,000 after acquiring an additional 319,478 shares in the last quarter. Finally, RA Capital Management L.P. raised its position in shares of Biogen by 20.6% in the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company's stock worth $229,595,000 after purchasing an additional 202,317 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Remove Ads

Insider Activity

In related news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction dated 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 sale, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.16% of the company's stock.

Biogen Stock Performance

NASDAQ BIIB traded down $1.10 on Tuesday, reaching $140.50. 339,869 shares of the stock were exchanged, compared to its average volume of 1,249,625. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00. The firm has a market capitalization of $20.57 billion, a PE ratio of 12.58, a PEG ratio of 1.51 and a beta of 0.01. The company's 50-day simple moving average is $141.99 and its two-hundred day simple moving average is $161.38.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS 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%. Analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

BIIB has been the subject of a number of analyst reports. William Blair restated an "outperform" rating on shares of Biogen in a research note on Monday, January 13th. Royal Bank of Canada reduced their price target on shares of Biogen from $231.00 to $225.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. Piper Sandler restated a "neutral" rating and issued a $135.00 price objective (down from $138.00) on shares of Biogen in a report on Tuesday, February 18th. 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. Finally, 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 research note on Thursday, February 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target 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.