OVERSEA CHINESE BANKING Corp Ltd Grows Stock Position in Biogen Inc. (NASDAQ:BIIB)

OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 181.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,266 shares of the biotechnology company's stock after acquiring an additional 28,524 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Biogen were worth $6,769,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in BIIB. Empowered Funds LLC increased its holdings in Biogen by 455.8% in the third quarter. Empowered Funds LLC now owns 18,908 shares of the biotechnology company's stock valued at $3,665,000 after buying an additional 15,506 shares during the last quarter. Swiss National Bank boosted its stake in shares of Biogen by 0.4% during the third quarter. Swiss National Bank now owns 432,100 shares of the biotechnology company's stock worth $83,758,000 after buying an additional 1,700 shares during the period. LMR Partners LLP boosted its stake in shares of Biogen by 25.7% during the third quarter. LMR Partners LLP now owns 8,121 shares of the biotechnology company's stock worth $1,574,000 after buying an additional 1,661 shares during the period. Caprock Group LLC lifted its position in Biogen by 16.3% in the third quarter. Caprock Group LLC now owns 3,118 shares of the biotechnology company's stock valued at $604,000 after purchasing an additional 437 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Biogen in the third quarter valued at about $1,427,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In related news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction on 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 transaction, the director now directly owns 11,318 shares of the company's stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is owned by company insiders.

Analyst Ratings Changes

BIIB has been the subject of a number of research reports. Truist Financial reduced their price target on shares of Biogen from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Bank of America reiterated a "neutral" rating and issued a $178.00 price target on shares of Biogen in a report on Tuesday, December 10th. 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 report on Thursday, February 13th. Wells Fargo & Company decreased their price target on shares of Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday, February 13th. Finally, Morgan Stanley decreased their price target on shares of Biogen from $192.00 to $157.00 and set an "equal weight" 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 given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $213.33.

Biogen Stock Down 0.3 %

Shares of Biogen stock traded down $0.48 during trading on Friday, reaching $140.90. 3,437,611 shares of the company traded hands, compared to its average volume of 1,247,618. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. Biogen Inc. has a 1-year low of $128.51 and a 1-year high of $238.00. The company has a 50 day moving average price of $142.16 and a 200-day moving average price of $162.11. The firm has a market capitalization of $20.62 billion, a PE ratio of 12.59, a P/E/G ratio of 1.51 and a beta of 0.01.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal 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.