Nomura Asset Management Co. Ltd. lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 12.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,303 shares of the biotechnology company's stock after selling 6,790 shares during the period. Nomura Asset Management Co. Ltd.'s holdings in Biogen were worth $9,557,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the business. International Assets Investment Management LLC raised its stake in Biogen by 19,722.9% in the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company's stock valued at $695,870,000 after purchasing an additional 357,181 shares in the last quarter. Mizuho Securities USA LLC raised its position in shares of Biogen by 2,715.9% in the 3rd quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company's stock valued at $61,253,000 after buying an additional 304,778 shares in the last quarter. Erste Asset Management GmbH bought a new stake in shares of Biogen during the 3rd quarter worth approximately $55,826,000. State Street Corp lifted its holdings in shares of Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company's stock worth $1,423,747,000 after acquiring an additional 248,942 shares during the period. Finally, Two Sigma Advisers LP boosted its position in shares of Biogen by 122.1% during the 3rd quarter. Two Sigma Advisers LP now owns 427,600 shares of the biotechnology company's stock worth $82,886,000 after acquiring an additional 235,100 shares in the last quarter. 87.93% of the stock is owned by institutional investors.
Biogen Stock Performance
Shares of BIIB stock opened at $157.46 on Thursday. The firm has a 50 day moving average of $173.14 and a 200-day moving average of $199.48. The company has a market cap of $22.95 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.49 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 52 week low of $153.62 and a 52 week high of $268.30.
Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts' consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period last year, the company posted $4.36 earnings per share. The business's quarterly revenue was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Biogen Inc. will post 16.44 earnings per share for the current year.
Wall Street Analysts Forecast Growth
BIIB has been the subject of several research analyst reports. HC Wainwright restated a "buy" rating and set a $300.00 target price on shares of Biogen in a research note on Thursday, October 31st. Mizuho lowered their price target on Biogen from $251.00 to $207.00 and set an "outperform" rating for the company in a report on Thursday, November 21st. StockNews.com lowered Biogen from a "strong-buy" rating to a "buy" rating in a research note on Wednesday. Robert W. Baird boosted their target price on Biogen from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, November 15th. Finally, Royal Bank of Canada reduced their price target on shares of Biogen from $292.00 to $269.00 and set an "outperform" rating on the stock in a research note on Friday, October 4th. Fourteen investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Biogen currently has an average rating of "Moderate Buy" and a consensus price target of $249.80.
Read Our Latest Analysis on BIIB
About Biogen
(
Free Report)
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.
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