Primecap Management Co. CA Sells 23,215 Shares of Biogen Inc. (NASDAQ:BIIB)

Primecap Management Co. CA decreased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 0.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,315,079 shares of the biotechnology company's stock after selling 23,215 shares during the quarter. Biogen accounts for approximately 2.3% of Primecap Management Co. CA's investment portfolio, making the stock its 9th largest holding. Primecap Management Co. CA owned 11.20% of Biogen worth $3,162,515,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BIIB. Grandfield & Dodd LLC grew its position in Biogen by 5.2% during the 3rd quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company's stock worth $244,000 after purchasing an additional 62 shares during the period. Advisors Asset Management Inc. grew its holdings in Biogen by 2.2% during the third quarter. Advisors Asset Management Inc. now owns 6,696 shares of the biotechnology company's stock worth $1,298,000 after acquiring an additional 147 shares during the period. Commerce Bank lifted its holdings in Biogen by 11.4% in the third quarter. Commerce Bank now owns 9,915 shares of the biotechnology company's stock valued at $1,922,000 after acquiring an additional 1,014 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Biogen in the 3rd quarter worth approximately $1,427,000. Finally, Caprock Group LLC grew its stake in shares of Biogen by 16.3% during the 3rd quarter. Caprock Group LLC now owns 3,118 shares of the biotechnology company's stock worth $604,000 after purchasing an additional 437 shares during the period. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction 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 transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by company insiders.

Biogen Stock Performance

Shares of BIIB stock opened at $156.00 on Thursday. Biogen Inc. has a 12 month low of $153.62 and a 12 month high of $268.30. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The company has a market cap of $22.73 billion, a P/E ratio of 14.09, a PEG ratio of 1.47 and a beta of -0.06. The firm has a fifty day moving average price of $183.39 and a 200 day moving average price of $206.09.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating 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 firm had revenue of $2.47 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the company earned $4.36 earnings per share. Biogen's quarterly revenue was down 2.5% compared to the same quarter last year. Sell-side analysts predict that Biogen Inc. will post 16.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BIIB has been the topic of several analyst reports. Wolfe Research assumed coverage on shares of Biogen in a research report on Friday, November 15th. They set a "peer perform" rating on the stock. Wells Fargo & Company lowered their price target on Biogen from $240.00 to $225.00 and set an "equal weight" rating on the stock in a research report on Friday, August 2nd. Royal Bank of Canada cut their price objective on Biogen from $292.00 to $269.00 and set an "outperform" rating for the company in a research report on Friday, October 4th. BMO Capital Markets decreased their target price on Biogen from $260.00 to $230.00 and set an "outperform" rating on the stock in a research report on Thursday, October 17th. Finally, HC Wainwright reissued a "buy" rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $258.96.

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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