Swedbank AB Raises Stake in Biogen Inc. (NASDAQ:BIIB)

Swedbank AB grew its stake in Biogen Inc. (NASDAQ:BIIB) by 85.0% in the third quarter, Holdings Channel reports. The fund owned 185,008 shares of the biotechnology company’s stock after purchasing an additional 84,981 shares during the period. Swedbank AB’s holdings in Biogen were worth $35,862,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. International Assets Investment Management LLC raised its position in Biogen by 19,722.9% in the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after purchasing an additional 357,181 shares during the period. Mizuho Securities USA LLC lifted its position in Biogen by 2,715.9% in the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock valued at $61,253,000 after buying an additional 304,778 shares during the last quarter. RA Capital Management L.P. boosted its stake 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 worth $159,723,000 after buying an additional 207,835 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Biogen by 29.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock valued at $137,856,000 after acquiring an additional 162,511 shares during the last quarter. Finally, Primecap Management Co. CA raised its stake 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 period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of Biogen stock opened at $158.71 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 52 week low of $153.62 and a 52 week high of $268.30. The firm’s 50 day moving average is $181.03 and its two-hundred day moving average is $204.67. The firm has a market capitalization of $23.13 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.49 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 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 for the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the firm posted $4.36 EPS. The company’s revenue was down 2.5% on a year-over-year basis. Research analysts forecast that Biogen Inc. will post 16.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of research analyst reports. Wolfe Research assumed coverage on shares of Biogen in a research report on Friday, November 15th. They set a “peer perform” rating for the company. UBS Group dropped their price objective on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. JPMorgan Chase & Co. decreased their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Truist Financial reaffirmed a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Finally, HC Wainwright reissued a “buy” rating and set a $300.00 price target on shares of Biogen in a research report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $257.20.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’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 transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.16% of the company’s stock.

Biogen Company 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.