Biogen Inc. (NASDAQ:BIIB) Stock Position Cut by Swiss National Bank

Swiss National Bank trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 2.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 452,900 shares of the biotechnology company’s stock after selling 12,700 shares during the period. Swiss National Bank’s holdings in Biogen were worth $117,197,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. OFI Invest Asset Management acquired a new stake in Biogen in the third quarter worth approximately $26,000. Gladius Capital Management LP bought a new position in Biogen during the third quarter valued at about $28,000. KB Financial Partners LLC grew its holdings in Biogen by 105.1% during the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 62 shares during the period. Hexagon Capital Partners LLC raised its position in Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 51 shares in the last quarter. Finally, CVA Family Office LLC acquired a new stake in Biogen in the 4th quarter valued at about $36,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on BIIB. Mizuho dropped their target price on shares of Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Wedbush upped their price target on Biogen from $213.00 to $215.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Bank Of America (Bofa) reduced their price objective on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research note on Monday, February 12th. Barclays decreased their target price on Biogen from $215.00 to $200.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, Robert W. Baird reduced their target price on Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $290.92.

Biogen Price Performance

Shares of BIIB opened at $217.51 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The firm has a market cap of $31.67 billion, a PE ratio of 27.15, a PEG ratio of 2.17 and a beta of -0.01. Biogen Inc. has a twelve month low of $189.44 and a twelve month high of $319.76. The firm’s 50 day moving average price is $212.12 and its 200 day moving average price is $232.44.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. Biogen’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.40 EPS. As a group, research analysts expect that Biogen Inc. will post 15.6 EPS for the current fiscal year.

Insider Activity

In related news, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 882 shares of company stock valued at $202,030. Insiders own 0.60% of the company’s stock.

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.