Zurich Insurance Group Ltd FI Invests $22.87 Million in Biogen Inc. (NASDAQ:BIIB)

Zurich Insurance Group Ltd FI acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB) during the second quarter, HoldingsChannel reports. The firm acquired 98,642 shares of the biotechnology company’s stock, valued at approximately $22,867,000.

Several other institutional investors have also bought and sold shares of BIIB. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Biogen in the 4th quarter worth approximately $213,000. SageView Advisory Group LLC increased its position in shares of Biogen by 8.2% during the 4th quarter. SageView Advisory Group LLC now owns 951 shares of the biotechnology company’s stock valued at $235,000 after purchasing an additional 72 shares during the period. TD Asset Management Inc raised its stake in shares of Biogen by 38.8% in the 4th quarter. TD Asset Management Inc now owns 389,984 shares of the biotechnology company’s stock worth $100,916,000 after buying an additional 108,956 shares in the last quarter. Focus Financial Network Inc. ADV bought a new stake in shares of Biogen in the 4th quarter worth $719,000. Finally, Treasurer of the State of North Carolina boosted its stake in Biogen by 3.9% during the fourth quarter. Treasurer of the State of North Carolina now owns 95,852 shares of the biotechnology company’s stock valued at $24,804,000 after buying an additional 3,609 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of research analyst reports. Scotiabank cut their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Mizuho cut their target price on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Barclays cut their price objective on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Finally, Piper Sandler decreased their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $275.30.

Insider Activity

In related 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 directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.16% of the stock is currently owned by insiders.

Biogen Stock Performance

BIIB stock opened at $194.12 on Wednesday. The firm has a 50 day moving average of $206.18 and a two-hundred day moving average of $214.61. Biogen Inc. has a 12 month low of $189.44 and a 12 month high of $269.43. The company has a market capitalization of $28.28 billion, a price-to-earnings ratio of 24.23, a P/E/G ratio of 1.97 and a beta of -0.06. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the company posted $4.02 earnings per share. Biogen’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities analysts anticipate that Biogen Inc. will post 16.12 EPS for the current fiscal year.

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.