Victory Capital Management Inc. Trims Stock Position in Biogen Inc. (NASDAQ:BIIB)

Victory Capital Management Inc. trimmed its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 8.9% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 119,033 shares of the biotechnology company's stock after selling 11,676 shares during the period. Victory Capital Management Inc. owned approximately 0.08% of Biogen worth $18,203,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its stake in shares of 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 acquiring an additional 2,648,024 shares during the period. Van ECK Associates Corp raised its position in Biogen by 977.9% in the fourth 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 during the period. Mizuho Securities USA LLC lifted its stake in Biogen by 2,715.9% during the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company's stock worth $61,253,000 after purchasing an additional 304,778 shares in the last quarter. Erste Asset Management GmbH purchased a new position in shares of Biogen during the third quarter worth $55,826,000. Finally, State Street Corp grew its stake in shares of Biogen by 3.5% in the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company's stock valued at $1,423,747,000 after buying an additional 248,942 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BIIB shares. Citigroup cut their target price on shares of Biogen from $160.00 to $145.00 and set a "neutral" rating on the stock in a research note on Thursday, February 13th. Bank Of America (Bofa) cut 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. Jefferies Financial Group lowered Biogen from a "buy" rating to a "hold" rating and decreased their target price for the company from $250.00 to $180.00 in a report on Monday, December 9th. HC Wainwright lowered their target price on Biogen from $300.00 to $241.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Finally, Stifel Nicolaus lowered Biogen from a "buy" rating to a "hold" rating and set a $175.00 price target on the stock. in a research report on Monday, December 16th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $213.33.

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Biogen Stock Down 4.7 %

BIIB opened at $143.66 on Wednesday. Biogen Inc. has a fifty-two week low of $128.51 and a fifty-two week high of $238.00. The company has a market capitalization of $21.03 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.51 and a beta of 0.01. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The firm's fifty day moving average price is $143.80 and its two-hundred day moving average price is $165.37.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping 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 anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the 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 transaction, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.16% of the company's stock.

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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