Pinebridge Investments L.P. Has $38.20 Million Position in Biogen Inc. (NASDAQ:BIIB)

Pinebridge Investments L.P. raised its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 430.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 249,800 shares of the biotechnology company's stock after purchasing an additional 202,716 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.17% of Biogen worth $38,199,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its stake in Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock valued at $407,919,000 after buying an additional 2,648,024 shares during the last quarter. Norges Bank acquired a new position in shares of Biogen in the fourth quarter valued at approximately $355,569,000. Van ECK Associates Corp increased its stake in shares of Biogen by 977.9% during the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock worth $163,083,000 after purchasing an additional 967,523 shares during the period. Invesco Ltd. lifted its holdings in Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after purchasing an additional 499,074 shares during the last quarter. Finally, FMR LLC boosted its stake in Biogen by 98.7% in the 4th quarter. FMR LLC now owns 757,570 shares of the biotechnology company's stock valued at $115,848,000 after purchasing an additional 376,356 shares during the period. 87.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on BIIB shares. Bank Of America (Bofa) lowered their price objective on Biogen from $178.00 to $163.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 11th. The Goldman Sachs Group dropped their price objective on shares of Biogen from $281.00 to $245.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. HC Wainwright lowered their target price on shares of Biogen from $300.00 to $241.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. StockNews.com cut Biogen from a "strong-buy" rating to a "buy" rating in a research note on Saturday, December 28th. Finally, Citigroup decreased their price target on Biogen from $160.00 to $145.00 and set a "neutral" rating on the stock in a research report on Thursday, February 13th. Eighteen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $213.15.

Insider Transactions at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at $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 is available at the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Biogen Trading Up 2.1 %

NASDAQ BIIB opened at $118.89 on Wednesday. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $238.00. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $17.40 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 1.51 and a beta of 0.06. The business's 50-day moving average price is $133.56 and its two-hundred day moving average price is $150.49.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its earnings results 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 return on equity of 14.98% and a net margin of 16.87%. On average, analysts expect that Biogen Inc. will post 15.83 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.

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