Connor Clark & Lunn Investment Management Ltd. Raises Holdings in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has increased its stake in Biogen Inc. by 98% in the first quarter, holding approximately $38.02 million worth of shares at the end of the period.
• The majority of Biogen's stock is held by institutional investors, with 87.93% ownership, indicating a robust interest from larger financial entities.
• Analysts maintain a mixed view on Biogen, with an average rating of "Hold" as well as price targets ranging from $135.00 to $197.00 depending on the firm.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 98.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 277,834 shares of the biotechnology company's stock after purchasing an additional 137,514 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.19% of Biogen worth $38,019,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BIIB. Vanguard Group Inc. lifted its position in shares of Biogen by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock valued at $2,330,774,000 after acquiring an additional 283,964 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Biogen by 1.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock valued at $295,705,000 after buying an additional 21,170 shares in the last quarter. Northern Trust Corp raised its position in Biogen by 14.6% during the fourth quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock worth $237,046,000 after acquiring an additional 196,995 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Biogen by 33.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock worth $234,551,000 after purchasing an additional 381,122 shares during the period. Finally, Deutsche Bank AG raised its holdings in Biogen by 63.7% in the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after buying an additional 455,285 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Trading Down 2.0%

BIIB stock traded down $2.67 on Monday, hitting $128.00. 1,070,253 shares of the company were exchanged, compared to its average volume of 1,499,663. The business's fifty day moving average is $129.92 and its two-hundred day moving average is $131.17. The stock has a market capitalization of $18.77 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 1.03 and a beta of 0.13. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $207.59. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BIIB shares. Truist Financial initiated coverage on Biogen in a report on Monday, July 21st. They set a "hold" rating and a $142.00 target price for the company. Royal Bank Of Canada boosted their target price on Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Canaccord Genuity Group lowered their price target on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Needham & Company LLC restated a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Finally, The Goldman Sachs Group decreased their target price on Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Twenty-one investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $185.63.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was 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. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.18% of the company's stock.

Biogen 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.