Sumitomo Life Insurance Co. cut its stake in Biogen Inc (NASDAQ:BIIB) by 10.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,672 shares of the biotechnology company’s stock after selling 1,121 shares during the period. Sumitomo Life Insurance Co.’s holdings in Biogen were worth $2,286,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in BIIB. Oregon Public Employees Retirement Fund lifted its stake in Biogen by 27,620.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,309,047 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 14,257,427 shares during the last quarter. Norges Bank purchased a new position in shares of Biogen during the fourth quarter valued at about $644,940,000. Prudential Financial Inc. increased its position in shares of Biogen by 158.4% during the fourth quarter. Prudential Financial Inc. now owns 689,208 shares of the biotechnology company’s stock valued at $207,397,000 after buying an additional 422,529 shares during the period. Parnassus Investments CA increased its position in shares of Biogen by 536.4% during the fourth quarter. Parnassus Investments CA now owns 350,000 shares of the biotechnology company’s stock valued at $105,322,000 after buying an additional 295,000 shares during the period. Finally, Amundi Pioneer Asset Management Inc. increased its position in shares of Biogen by 89.5% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 492,612 shares of the biotechnology company’s stock valued at $148,236,000 after buying an additional 232,725 shares during the period. Institutional investors own 89.19% of the company’s stock.
Shares of Biogen stock opened at $228.72 on Wednesday. The company has a market cap of $44.99 billion, a P/E ratio of 8.73, a P/E/G ratio of 0.90 and a beta of 1.04. Biogen Inc has a twelve month low of $216.12 and a twelve month high of $388.67. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.04 and a current ratio of 2.32.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, January 29th. The biotechnology company reported $6.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $6.72 by $0.27. The company had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.39 billion. Biogen had a net margin of 32.94% and a return on equity of 40.53%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.26 earnings per share. On average, research analysts anticipate that Biogen Inc will post 28.88 earnings per share for the current fiscal year.
In related news, Director Alexander J. Denner acquired 7,000 shares of the stock in a transaction that occurred on Friday, February 1st. The shares were bought at an average price of $328.45 per share, for a total transaction of $2,299,150.00. Following the completion of the transaction, the director now directly owns 10,909 shares in the company, valued at $3,583,061.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert W. Pangia sold 6,114 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $328.55, for a total transaction of $2,008,754.70. Following the transaction, the director now owns 24,701 shares in the company, valued at approximately $8,115,513.55. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.
Several equities analysts recently issued reports on the stock. Cowen reduced their price target on shares of Biogen from $400.00 to $275.00 and set an “outperform” rating on the stock in a research report on Thursday, March 21st. JPMorgan Chase & Co. cut shares of Biogen from an “overweight” rating to a “neutral” rating and set a $244.00 price target on the stock. in a report on Thursday, March 21st. Oppenheimer cut their price target on shares of Biogen from $380.00 to $375.00 and set an “outperform” rating on the stock in a report on Thursday, February 14th. Canaccord Genuity cut shares of Biogen from a “buy” rating to a “hold” rating and cut their price target for the company from $396.00 to $275.00 in a report on Thursday, March 21st. Finally, UBS Group cut shares of Biogen from a “buy” rating to a “neutral” rating and cut their price target for the company from $395.00 to $242.00 in a report on Friday, March 22nd. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $295.04.
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.
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