OVERSEA CHINESE BANKING Corp Ltd Raises Position in Biogen Inc. (NASDAQ:BIIB)

OVERSEA CHINESE BANKING Corp Ltd boosted its position in Biogen Inc. (NASDAQ:BIIB) by 25.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,742 shares of the biotechnology company’s stock after purchasing an additional 3,145 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Biogen were worth $3,051,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of BIIB. Vanguard Group Inc. lifted its position in shares of Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after buying an additional 2,163,068 shares during the last quarter. International Assets Investment Management LLC raised its stake in Biogen by 19,722.9% in the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after acquiring an additional 357,181 shares during the period. RA Capital Management L.P. lifted its holdings in Biogen by 39.0% during the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after purchasing an additional 207,835 shares during the last quarter. Primecap Management Co. CA boosted its position in Biogen by 0.7% during the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares during the period. Finally, Swedbank AB purchased a new position in shares of Biogen in the first quarter worth about $22,939,000. 87.93% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Biogen Trading Down 2.2 %

Shares of BIIB opened at $168.28 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen Inc. has a fifty-two week low of $167.71 and a fifty-two week high of $268.30. The firm has a 50 day moving average price of $189.06 and a 200-day moving average price of $208.65. The firm has a market cap of $24.52 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 1.63 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $4.36 earnings per share. As a group, equities research analysts forecast that Biogen Inc. will post 16.4 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on BIIB shares. Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $285.00 to $204.00 in a research note on Thursday, October 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 price target on shares of Biogen in a report on Monday, September 9th. Scotiabank dropped their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Raymond James restated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Finally, BMO Capital Markets lowered their price target on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Ten research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Biogen has an average rating of “Moderate Buy” and a consensus target price of $261.58.

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.