CIBC Asset Management Inc Grows Position in Biogen Inc. (NASDAQ:BIIB)

CIBC Asset Management Inc boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 5.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,184 shares of the biotechnology company’s stock after purchasing an additional 2,509 shares during the period. CIBC Asset Management Inc’s holdings in Biogen were worth $8,758,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the last quarter. Primecap Management Co. CA boosted its holdings in shares of Biogen by 0.7% in the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after acquiring an additional 117,578 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Biogen by 5.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock valued at $342,772,000 after acquiring an additional 81,283 shares during the last quarter. RA Capital Management L.P. boosted its holdings in shares of Biogen by 39.0% in the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after acquiring an additional 207,835 shares during the last quarter. Finally, abrdn plc boosted its holdings in shares of Biogen by 6.2% in the 3rd quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock valued at $110,123,000 after acquiring an additional 33,333 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Trading Down 3.0 %

Shares of BIIB opened at $159.99 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 12-month low of $159.60 and a 12-month high of $268.30. The firm has a 50-day moving average price of $185.99 and a 200 day moving average price of $207.38. The firm has a market capitalization of $23.31 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.57 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) 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 analyst estimates of $2.43 billion. During the same quarter in the prior year, the firm posted $4.36 earnings per share. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. Sell-side analysts forecast that Biogen Inc. will post 16.4 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Scotiabank dropped their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company dropped their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. HC Wainwright reiterated a “buy” rating and issued a $300.00 target price on shares of Biogen in a research note on Thursday, October 31st. Oppenheimer decreased their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Finally, Citigroup initiated coverage on shares of Biogen in a research note on Thursday. They issued a “neutral” rating and a $190.00 target price for the company. Twelve research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $258.96.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by insiders.

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.