Biogen Inc. (NASDAQ:BIIB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 123,544 shares of the biotechnology company’s stock after selling 2,285 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of Biogen worth $23,948,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Qsemble Capital Management LP purchased a new stake in Biogen in the third quarter valued at $313,000. Bedell Frazier Investment Counselling LLC raised its holdings in Biogen by 128.8% in the 3rd quarter. Bedell Frazier Investment Counselling LLC now owns 31,318 shares of the biotechnology company’s stock valued at $6,071,000 after buying an additional 17,628 shares during the period. Harvest Fund Management Co. Ltd raised its holdings in Biogen by 52.3% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 6,710 shares of the biotechnology company’s stock valued at $1,299,000 after buying an additional 2,304 shares during the period. Daiwa Securities Group Inc. boosted its stake in Biogen by 27.1% during the third quarter. Daiwa Securities Group Inc. now owns 31,594 shares of the biotechnology company’s stock worth $6,124,000 after buying an additional 6,746 shares during the period. Finally, Swedbank AB boosted its stake in Biogen by 85.0% during the third quarter. Swedbank AB now owns 185,008 shares of the biotechnology company’s stock worth $35,862,000 after buying an additional 84,981 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BIIB. Wedbush decreased their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Royal Bank of Canada cut their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Needham & Company LLC cut Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price for the company. in a report on Monday, November 18th. Finally, TD Cowen cut their price target on shares of Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note 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 issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $257.20.

Biogen Stock Up 0.5 %

BIIB opened at $160.63 on Friday. The stock has a market capitalization of $23.41 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 1.51 and a beta of -0.06. Biogen Inc. has a one year low of $153.62 and a one year high of $268.30. The business’s 50-day simple moving average is $177.86 and its 200-day simple moving average is $202.99. 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 (NASDAQ:BIIB) last announced 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. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $4.36 earnings per share. Analysts anticipate that Biogen Inc. will post 16.44 EPS for the current year.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction 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 completion of the sale, the insider now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. Company 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.