Primecap Management Co. CA Lowers Stock Position in Biogen Inc. (NASDAQ:BIIB)

Primecap Management Co. CA lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 1.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,046,209 shares of the biotechnology company's stock after selling 268,870 shares during the quarter. Biogen comprises approximately 1.9% of Primecap Management Co. CA's investment portfolio, making the stock its 13th biggest position. Primecap Management Co. CA owned about 11.01% of Biogen worth $2,453,786,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BIIB. Pacer Advisors Inc. boosted its position in shares of Biogen by 13,574.7% during the 4th 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 in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock valued at $163,083,000 after purchasing an additional 967,523 shares in the last quarter. Amundi boosted its holdings in shares of Biogen by 35.6% in the 4th quarter. Amundi now owns 1,216,990 shares of the biotechnology company's stock valued at $183,461,000 after purchasing an additional 319,478 shares in the last quarter. Erste Asset Management GmbH acquired a new position in shares of Biogen during the 3rd quarter worth $55,826,000. Finally, State Street Corp raised 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 buying an additional 248,942 shares in the last quarter. Institutional investors own 87.93% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BIIB shares. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research report on Thursday, February 13th. The Goldman Sachs Group decreased their price target on shares of Biogen from $281.00 to $245.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Bank Of America (Bofa) dropped their price objective on shares of Biogen from $178.00 to $163.00 and set a "neutral" rating for the company in a research note on Tuesday, February 11th. Mizuho decreased their target price on shares of Biogen from $251.00 to $207.00 and set an "outperform" rating on the stock in a research note on Thursday, November 21st. Finally, Sanford C. Bernstein began coverage on shares of Biogen in a report on Tuesday, February 11th. They set a "market perform" rating and a $160.00 price target for the company. Seventeen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Biogen currently has an average rating of "Hold" and an average target price of $213.33.

Biogen Stock Down 0.3 %

Shares of BIIB stock traded down $0.48 on Friday, reaching $140.90. 3,437,611 shares of the company were exchanged, compared to its average volume of 1,246,274. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00. The company has a market cap of $20.62 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.51 and a beta of 0.01. The company has a 50-day moving average of $142.32 and a 200-day moving average of $162.85. 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 (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 analysts' consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. Analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

Insider Buying and Selling at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen 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 transaction, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by company insiders.

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.