T. Rowe Price Investment Management Inc. Has $474.02 Million Position in Biogen Inc. (NASDAQ:BIIB)

T. Rowe Price Investment Management Inc. cut its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 27.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,099,786 shares of the biotechnology company's stock after selling 1,156,500 shares during the period. T. Rowe Price Investment Management Inc. owned 2.13% of Biogen worth $474,020,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BIIB. Pacer Advisors Inc. increased its position in Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after buying an additional 2,648,024 shares during the last quarter. Norges Bank bought a new position in shares of Biogen during the 4th quarter worth approximately $355,569,000. Van ECK Associates Corp increased its holdings in shares of Biogen by 977.9% during the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock worth $163,083,000 after acquiring an additional 967,523 shares during the last quarter. Invesco Ltd. raised its stake in Biogen by 30.6% in the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after acquiring an additional 499,074 shares during the period. Finally, FMR LLC lifted its holdings in Biogen by 98.7% during 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 last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on BIIB shares. The Goldman Sachs Group decreased their price objective 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. Scotiabank lowered their price target on shares of Biogen from $244.00 to $224.00 and set a "sector outperform" rating on the stock in a report on Thursday, February 13th. Bank Of America (Bofa) reduced their price objective on Biogen from $178.00 to $163.00 and set a "neutral" rating for the company in a report on Tuesday, February 11th. Truist Financial lowered their target price on Biogen from $220.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Finally, StockNews.com downgraded Biogen from a "strong-buy" rating to a "buy" rating in a research note on Saturday, December 28th. Eighteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Biogen has a consensus rating of "Hold" and an average price target of $213.15.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction dated 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 sale, 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 filing with the SEC, which is accessible through this link. Insiders own 0.16% of the company's stock.

Biogen Stock Performance

NASDAQ:BIIB opened at $118.89 on Wednesday. The stock's 50-day simple moving average is $133.56 and its 200 day simple moving average is $150.49. Biogen Inc. has a twelve month low of $110.04 and a twelve month 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 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.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly 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%. On average, analysts anticipate that Biogen Inc. will post 15.83 EPS 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.

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