Mackenzie Financial Corp Acquires 12,838 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Mackenzie Financial Corp increased its holdings in Biogen by 37.9%, acquiring an additional 12,838 shares, bringing its total to 46,684 shares valued at $6,388,000.
• Biogen reported earnings of $5.47 per share, exceeding predictions by $1.54, with a revenue of $2.65 billion, surpassing analyst estimates of $2.32 billion.
• Wall Street analysts show mixed opinions on Biogen, with 21 maintaining a "hold" rating and 12 upgrading to "buy," while the average price target is set at $185.63.

Mackenzie Financial Corp boosted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 37.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,684 shares of the biotechnology company's stock after acquiring an additional 12,838 shares during the period. Mackenzie Financial Corp's holdings in Biogen were worth $6,388,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BIIB. OVERSEA CHINESE BANKING Corp Ltd raised its position in Biogen by 1,663.4% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after purchasing an additional 736,301 shares during the period. Invesco Ltd. increased its stake in Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after purchasing an additional 499,074 shares during the period. AQR Capital Management LLC boosted its stake in shares of Biogen by 982.0% in the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after purchasing an additional 489,811 shares during the period. Deutsche Bank AG increased its stake in Biogen by 63.7% during the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock worth $178,851,000 after buying an additional 455,285 shares during the period. Finally, AustralianSuper Pty Ltd purchased a new stake in Biogen during the 1st quarter worth approximately $54,421,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Rachid Izzar sold 2,223 shares of the company'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 completion of the sale, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. This represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.18% of the stock is owned by corporate insiders.

Biogen Trading Down 2.7%

Shares of NASDAQ BIIB traded down $3.55 during mid-day trading on Wednesday, hitting $129.34. 1,537,889 shares of the company traded hands, compared to its average volume of 1,573,051. The business has a 50 day moving average of $130.06 and a two-hundred day moving average of $131.64. 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 stock has a market capitalization of $18.96 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.04 and a beta of 0.13. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $207.59.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings results 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. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period in the previous year, the firm earned $5.28 earnings per share. Biogen's quarterly revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Canaccord Genuity Group cut their price target on Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. 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. Hsbc Global Res cut shares of Biogen from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Mizuho reduced their price target on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Finally, Truist Financial began coverage on Biogen in a research report on Monday, July 21st. They set a "hold" rating and a $142.00 target price on the stock. Twenty-one analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $185.63.

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.