AIA Group Ltd Sells 4,629 Shares of Biogen Inc. $BIIB

Key Points

• AIA Group cut its Biogen stake by 83.5% in the third quarter, selling 4,629 shares and retaining 916 shares valued at about $207,000.
• Biogen reported quarterly EPS of $2.62, beating the $1.99 consensus, while revenue rose 10.6% year over year to $2.80 billion.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $252.34; 21 analysts rated the stock Buy and 10 rated it Hold.

AIA Group Ltd decreased its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 83.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 916 shares of the biotechnology company's stock after selling 4,629 shares during the period. AIA Group Ltd's holdings in Biogen were worth $207,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Biogen in the 2nd quarter valued at about $3,453,878,000. Orbimed Advisors LLC bought a new stake in shares of Biogen during the 1st quarter valued at about $11,293,000. Saudi Central Bank boosted its position in shares of Biogen by 89.7% during the 2nd quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company's stock valued at $2,220,000 after purchasing an additional 4,858 shares in the last quarter. Tidal Investments LLC grew its stake in Biogen by 9.0% during the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company's stock worth $13,794,000 after purchasing an additional 5,256 shares during the period. Finally, Nippon Life Global Investors Americas Inc. acquired a new stake in Biogen during the second quarter worth approximately $29,648,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Stock Performance

NASDAQ BIIB opened at $243.93 on Friday. The company has a market cap of $36.06 billion, a P/E ratio of 21.60, a PEG ratio of 2.89 and a beta of 0.10. The company has a fifty day simple moving average of $229.47 and a 200 day simple moving average of $202.62. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 12-month low of $151.83 and a 12-month high of $258.78.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.63. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the prior year, the company posted $4.81 earnings per share. The business's revenue was up 10.6% on a year-over-year basis. Sell-side analysts predict that Biogen Inc. will post 12.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

BIIB has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price target on Biogen from $248.00 to $272.00 and gave the stock a "buy" rating in a report on Thursday, October 29th. Wells Fargo & Company raised their price objective on shares of Biogen from $250.00 to $310.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 20th. Citigroup reiterated a "neutral" rating on shares of Biogen in a research note on Wednesday, October 28th. Bank of America boosted their target price on shares of Biogen from $219.00 to $244.00 and gave the company a "neutral" rating in a research report on Thursday, October 22nd. Finally, Royal Bank Of Canada raised their price target on shares of Biogen from $256.00 to $272.00 and gave the stock an "outperform" rating in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $252.34.

Biogen Company Profile

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer's disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company's portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer's disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.

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