Victory Capital Management Inc. Decreases Position in Biogen Inc. (NASDAQ:BIIB)

Victory Capital Management Inc. reduced its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 1.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 130,709 shares of the biotechnology company’s stock after selling 2,504 shares during the period. Victory Capital Management Inc.’s holdings in Biogen were worth $25,337,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. International Assets Investment Management LLC raised its stake in shares of Biogen by 19,722.9% during 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. RA Capital Management L.P. grew its holdings in Biogen by 39.0% during the 1st 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 in the last quarter. Primecap Management Co. CA grew its holdings in Biogen by 0.7% during 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 purchasing an additional 117,578 shares in the last quarter. Swedbank AB purchased a new position in Biogen in the 1st quarter valued at about $22,939,000. Finally, Zurich Insurance Group Ltd FI purchased a new position in Biogen in the 2nd quarter valued at about $22,867,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were 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 of the company’s stock, valued at $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the topic of several recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $300.00 price target on shares of Biogen in a research note on Thursday, October 31st. JPMorgan Chase & Co. cut their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Oppenheimer decreased their price target on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Citigroup initiated coverage on shares of Biogen in a report on Thursday. They issued a “neutral” rating and a $190.00 price target on the stock. Finally, Raymond James reissued a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Twelve investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $258.96.

Biogen Trading Down 3.0 %

Shares of NASDAQ:BIIB opened at $159.99 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $185.99 and its 200 day moving average price is $207.27. The company has a market cap of $23.31 billion, a PE ratio of 14.45, a P/E/G ratio of 1.51 and a beta of -0.06. Biogen Inc. has a fifty-two week low of $159.60 and a fifty-two week high of $268.30.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm posted $4.36 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. Sell-side analysts anticipate that Biogen Inc. will post 16.42 earnings per share for the current 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.