44,608 Shares in Biogen Inc. (NASDAQ:BIIB) Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. purchased a new stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 44,608 shares of the biotechnology company's stock, valued at approximately $6,811,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Janus Henderson Group PLC boosted its stake in shares of Biogen by 9.0% during the 3rd quarter. Janus Henderson Group PLC now owns 23,029 shares of the biotechnology company's stock valued at $4,462,000 after purchasing an additional 1,900 shares in the last quarter. Stifel Financial Corp lifted its holdings in Biogen by 1.9% in the third quarter. Stifel Financial Corp now owns 47,554 shares of the biotechnology company's stock worth $9,218,000 after buying an additional 868 shares during the period. Kovitz Investment Group Partners LLC boosted its position in Biogen by 45.1% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 5,270 shares of the biotechnology company's stock valued at $1,022,000 after acquiring an additional 1,638 shares in the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Biogen during the 3rd quarter worth approximately $793,000. Finally, iA Global Asset Management Inc. raised its position in shares of Biogen by 3.8% in the 3rd quarter. iA Global Asset Management Inc. now owns 14,848 shares of the biotechnology company's stock worth $2,878,000 after acquiring an additional 545 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insider Buying and Selling

In other news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares in the company, valued at $1,697,926.36. This represents a 43.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.16% of the stock is currently owned by insiders.

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Biogen Stock Performance

BIIB traded up $1.79 during mid-day trading on Friday, reaching $115.17. 1,618,683 shares of the company traded hands, compared to its average volume of 1,353,405. The stock has a market capitalization of $16.86 billion, a P/E ratio of 10.29, a P/E/G ratio of 1.51 and a beta of 0.06. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. The company's fifty day moving average price is $136.74 and its 200-day moving average price is $153.74.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share 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%. On average, sell-side analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BIIB. Canaccord Genuity Group dropped their price target on Biogen from $298.00 to $265.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. HC Wainwright dropped 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. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a research report on Thursday, February 13th. Scotiabank lowered their price target on shares of Biogen from $244.00 to $224.00 and set a "sector outperform" rating for the company in a research report on Thursday, February 13th. Finally, Morgan Stanley dropped their price objective on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Eighteen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $213.15.

Biogen Company 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.