Biogen Inc. $BIIB Stock: AEGON ASSET MANAGEMENT UK Plc Reduces Position

Key Points

• AEGON Asset Management UK cut its Biogen stake by 19% in the third quarter, selling 45,742 shares and retaining 195,359 shares valued at about $44.1 million.
• Other institutional investors added to their holdings, and institutions and hedge funds collectively owned 87.93% of Biogen stock.
• Biogen beat quarterly earnings and revenue estimates, with revenue up 10.6% year over year. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $254.41.

AEGON ASSET MANAGEMENT UK Plc trimmed its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 19.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 195,359 shares of the biotechnology company's stock after selling 45,742 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned about 0.13% of Biogen worth $44,128,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Leuthold Group LLC lifted its holdings in Biogen by 9.6% during the 3rd quarter. Leuthold Group LLC now owns 34,509 shares of the biotechnology company's stock worth $7,795,000 after buying an additional 3,020 shares during the last quarter. Retirement Systems of Alabama increased its holdings in shares of Biogen by 1,697.5% in the 3rd quarter. Retirement Systems of Alabama now owns 557,499 shares of the biotechnology company's stock valued at $125,928,000 after acquiring an additional 526,484 shares during the last quarter. Clear Wave Wealth Management LLC increased its holdings in shares of Biogen by 32.1% in the 3rd quarter. Clear Wave Wealth Management LLC now owns 1,722 shares of the biotechnology company's stock valued at $389,000 after acquiring an additional 418 shares during the last quarter. Fulcrum Asset Management LLP increased its holdings in shares of Biogen by 964.8% in the 3rd quarter. Fulcrum Asset Management LLP now owns 16,462 shares of the biotechnology company's stock valued at $3,738,000 after acquiring an additional 14,916 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Biogen by 1,753.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 138,456 shares of the biotechnology company's stock valued at $31,274,000 after acquiring an additional 130,985 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

Shares of BIIB opened at $254.87 on Tuesday. The firm's 50 day moving average is $230.73 and its 200-day moving average is $203.45. The stock has a market capitalization of $37.67 billion, a P/E ratio of 21.60, a P/E/G ratio of 2.89 and a beta of 0.10. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. Biogen Inc. has a 12-month low of $153.77 and a 12-month high of $261.00.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $2.63 billion. During the same period last year, the firm posted $4.81 earnings per share. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Biogen Inc. will post 12.45 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BIIB shares. JPMorgan Chase & Co. raised shares of Biogen from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $210.00 to $300.00 in a research report on Monday, October 12th. Morgan Stanley upped their price objective on Biogen from $231.00 to $238.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 29th. TD Cowen increased their target price on Biogen from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, October 29th. Jefferies Financial Group reiterated a "buy" rating on shares of Biogen in a research report on Monday, July 13th. Finally, Royal Bank Of Canada raised their price target on Biogen from $256.00 to $272.00 and gave the company an "outperform" rating in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $254.41.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer's disease, spinal muscular atrophy and Friedreich's ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich's ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer's disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.

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