Biogen Inc. (NASDAQ:BIIB) Shares Acquired by E Fund Management Co. Ltd.

Key Points

• E Fund Management Co. Ltd. increased its stake in Biogen Inc. by 30.9%, acquiring an additional 3,160 shares, bringing its total holdings to 13,387 shares valued at approximately $1.83 million.
• Biogen reported a quarterly EPS of $5.47, surpassing analysts' expectations of $3.93, with revenues of $2.65 billion for the quarter.
• Analysts show a mixed outlook on Biogen, with a consensus hold rating and a target price of $185.63, indicating a balance of bullish and bearish sentiments in the market.

E Fund Management Co. Ltd. boosted its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 30.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,387 shares of the biotechnology company's stock after buying an additional 3,160 shares during the period. E Fund Management Co. Ltd.'s holdings in Biogen were worth $1,832,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BIIB. Raymond James Financial Inc. purchased a new stake in Biogen in the 4th quarter valued at about $21,710,000. Summit Investment Advisors Inc. increased its stake in Biogen by 2.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,056 shares of the biotechnology company's stock worth $926,000 after purchasing an additional 141 shares during the period. Guggenheim Capital LLC increased its stake in Biogen by 0.9% during the fourth quarter. Guggenheim Capital LLC now owns 60,777 shares of the biotechnology company's stock worth $9,294,000 after purchasing an additional 533 shares during the period. Marshall Wace LLP increased its stake in Biogen by 20.6% during the fourth quarter. Marshall Wace LLP now owns 79,952 shares of the biotechnology company's stock worth $12,226,000 after purchasing an additional 13,652 shares during the period. Finally, Canada Pension Plan Investment Board increased its stake in Biogen by 27.4% during the fourth quarter. Canada Pension Plan Investment Board now owns 261,162 shares of the biotechnology company's stock worth $39,937,000 after purchasing an additional 56,132 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Biogen

In related 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 transaction of $300,105.00. Following the sale, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. This trade represents a 25.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BIIB. Hsbc Global Res downgraded Biogen from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. HC Wainwright upped their price target on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a report on Friday, August 1st. JPMorgan Chase & Co. reduced their price objective on Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. The Goldman Sachs Group reduced their price objective on Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Wedbush reiterated a "neutral" rating and issued a $121.00 price objective on shares of Biogen in a research note on Thursday, June 12th. Twenty-one equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Biogen has an average rating of "Hold" and an average target price of $185.74.

Biogen Trading Up 2.7%

Shares of NASDAQ BIIB traded up $3.66 during midday trading on Friday, hitting $138.60. The stock had a trading volume of 1,643,244 shares, compared to its average volume of 1,525,646. The company has a market capitalization of $20.32 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 1.06 and a beta of 0.13. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $207.59. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. The company has a fifty day moving average price of $130.13 and a 200 day moving average price of $131.04.

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

Biogen Company 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.