Northern Trust Corp Has $237.05 Million Holdings in Biogen Inc. (NASDAQ:BIIB)

Northern Trust Corp grew its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 14.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,550,130 shares of the biotechnology company's stock after buying an additional 196,995 shares during the period. Northern Trust Corp owned 1.06% of Biogen worth $237,046,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. grew its position in Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock valued at $407,919,000 after buying an additional 2,648,024 shares in the last quarter. Norges Bank bought a new position in shares of Biogen in the fourth quarter valued at approximately $355,569,000. Van ECK Associates Corp increased its stake in shares of Biogen by 977.9% during the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock valued at $163,083,000 after acquiring an additional 967,523 shares during the period. Invesco Ltd. raised its holdings in Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after purchasing an additional 499,074 shares in the last quarter. Finally, FMR LLC lifted its position in Biogen by 98.7% in the fourth quarter. FMR LLC now owns 757,570 shares of the biotechnology company's stock worth $115,848,000 after purchasing an additional 376,356 shares during the period. 87.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BIIB shares. Truist Financial decreased their target price on Biogen from $210.00 to $199.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. HSBC cut shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price for the company. in a report on Monday, April 28th. William Blair reaffirmed an "outperform" rating on shares of Biogen in a report on Monday, January 13th. Piper Sandler reduced their price objective on Biogen from $135.00 to $115.00 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. Finally, Royal Bank of Canada cut their target price on Biogen from $217.00 to $205.00 and set an "outperform" rating on the stock in a research report on Friday. Twenty analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Biogen has a consensus rating of "Hold" and an average target price of $195.85.

Insider Activity at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.16% of the company's stock.

Biogen Stock Performance

NASDAQ BIIB traded up $2.60 during trading on Friday, hitting $123.53. The company's stock had a trading volume of 1,460,036 shares, compared to its average volume of 1,356,243. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $238.00. The firm has a market cap of $18.08 billion, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 1.51 and a beta of 0.13. The firm has a 50 day moving average price of $130.58 and a 200 day moving average price of $146.75. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). Biogen had a net margin of 16.87% and a return on equity of 14.98%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period last year, the company earned $3.67 earnings per share. Biogen's revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.