Ontario Teachers Pension Plan Board Invests $1.49 Million in Biogen Inc. (NASDAQ:BIIB)

Key Points

• The Ontario Teachers Pension Plan Board acquired a new stake in Biogen Inc., purchasing 10,849 shares valued at approximately $1,485,000 in the first quarter.
• Insider Rachid Izzar sold 2,223 shares of Biogen's stock at an average price of $135.00, marking a 25.99% decrease in their position.
• Biogen reported $5.47 earnings per share for the last quarter, exceeding analysts' expectations of $3.93, with revenue reaching $2.65 billion, a 7.3% increase year-over-year.

Ontario Teachers Pension Plan Board acquired a new position in Biogen Inc. (NASDAQ:BIIB - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 10,849 shares of the biotechnology company's stock, valued at approximately $1,485,000.

A number of other hedge funds have also bought and sold shares of BIIB. Opal Wealth Advisors LLC bought a new position in shares of Biogen in the first quarter worth $26,000. Vision Financial Markets LLC purchased a new stake in Biogen during the 1st quarter worth about $27,000. Greykasell Wealth Strategies Inc. bought a new position in Biogen in the 1st quarter worth about $27,000. Colonial Trust Co SC increased its position in shares of Biogen by 9,300.0% during the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after buying an additional 186 shares during the period. Finally, Private Trust Co. NA lifted its holdings in shares of Biogen by 74.8% in the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock worth $31,000 after buying an additional 98 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the sale, the insider directly owned 6,330 shares of the company's stock, valued at $854,550. This trade represents a 25.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.18% of the company's stock.

Biogen Stock Performance

Shares of BIIB stock traded up $2.92 during mid-day trading on Friday, reaching $130.67. 1,327,704 shares of the company's stock traded hands, compared to its average volume of 1,490,157. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $207.59. The firm has a 50 day moving average price of $129.99 and a two-hundred day moving average price of $131.39. The firm has a market capitalization of $19.16 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 1.03 and a beta of 0.13. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The business had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter in the prior year, the business posted $5.28 earnings per share. The business's quarterly revenue was up 7.3% on a year-over-year basis. On average, research analysts forecast that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analyst Weigh In

BIIB has been the subject of several analyst reports. Canaccord Genuity Group cut their price target on shares of Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Piper Sandler reaffirmed a "neutral" rating and issued a $115.00 target price on shares of Biogen in a research note on Thursday, June 12th. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Truist Financial began coverage on shares of Biogen in a report on Monday, July 21st. They set a "hold" rating and a $142.00 price objective for the company. Finally, Royal Bank Of Canada upped their price objective on Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Twenty-one research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $185.63.

About Biogen

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.