Biogen Inc. (NASDAQ:BIIB) Stock Position Lifted by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 30.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 187,803 shares of the biotechnology company's stock after purchasing an additional 43,651 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.13% of Biogen worth $25,699,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blair William & Co. IL lifted its stake in Biogen by 7.4% in the fourth quarter. Blair William & Co. IL now owns 13,049 shares of the biotechnology company's stock valued at $1,996,000 after acquiring an additional 894 shares during the last quarter. Orion Portfolio Solutions LLC lifted its stake in Biogen by 12.4% in the fourth quarter. Orion Portfolio Solutions LLC now owns 6,846 shares of the biotechnology company's stock valued at $1,047,000 after acquiring an additional 754 shares during the last quarter. Allstate Corp acquired a new stake in Biogen in the fourth quarter valued at approximately $657,000. Allianz SE acquired a new stake in Biogen in the fourth quarter valued at approximately $219,000. Finally, California Public Employees Retirement System lifted its stake in Biogen by 0.7% in the fourth quarter. California Public Employees Retirement System now owns 397,849 shares of the biotechnology company's stock valued at $60,839,000 after acquiring an additional 2,778 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BIIB. Morgan Stanley reduced their target price on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Mizuho reduced their price objective on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. HC Wainwright restated a "buy" rating and issued a $187.00 price objective on shares of Biogen in a research note on Thursday, June 26th. Robert W. Baird reduced their price objective on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Finally, Royal Bank Of Canada set a $213.00 price objective on shares of Biogen and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Twenty-one investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Biogen presently has a consensus rating of "Hold" and an average target price of $186.37.

Biogen Price Performance

NASDAQ:BIIB opened at $129.28 on Tuesday. The stock has a market cap of $18.94 billion, a P/E ratio of 12.76, a PEG ratio of 1.90 and a beta of 0.14. Biogen Inc. has a one year low of $110.04 and a one year high of $219.44. The company has a fifty day moving average price of $129.74 and a 200 day moving average price of $132.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.25 billion. Biogen had a net margin of 15.07% and a return on equity of 14.03%. The company's quarterly revenue was up 6.2% compared to the same quarter last year. During the same period last year, the firm earned $3.67 EPS. Analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

Insider Transactions at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the sale, the insider owned 6,330 shares of the company's stock, valued at $854,550. The trade was a 25.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.18% of the stock is owned by company insiders.

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.

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