Mitsubishi UFJ Asset Management Co. Ltd. Increases Position in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in Biogen Inc. by 11.3% in the first quarter, now owning approximately 273,548 shares valued at $37.4 million.
• Multiple hedge funds have significantly increased their positions in Biogen, with FMR LLC expanding its holdings by 98.7% and LSV Asset Management by 464.9% in the fourth quarter.
• Biogen reported earnings of $5.47 per share for the last quarter, surpassing estimates, and has a consensus target price of $185.63 with a current "Hold" rating from analysts.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 11.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 273,548 shares of the biotechnology company's stock after acquiring an additional 27,734 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.19% of Biogen worth $37,432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in shares of Biogen in the 1st quarter worth approximately $26,000. Vision Financial Markets LLC purchased a new stake in shares of Biogen in the 1st quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. purchased a new stake in Biogen during the 1st quarter valued at $27,000. Colonial Trust Co SC boosted its stake in Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 186 shares during the last quarter. Finally, Private Trust Co. NA boosted its stake in Biogen by 74.8% during the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Analyst Ratings Changes

BIIB has been the topic of several recent analyst reports. Mizuho cut their target price on Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. HC Wainwright raised their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. The Goldman Sachs Group dropped their price target on Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen upgraded Biogen from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, Morgan Stanley dropped their price target on Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a research note on Friday, August 1st. Twenty-one analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Biogen has a consensus rating of "Hold" and a consensus target price of $185.63.

Insider Activity

In other news, insider Rachid Izzar sold 2,223 shares of Biogen 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 directly owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.18% of the company's stock.

Biogen Price Performance

Shares of BIIB stock traded down $2.67 during trading hours on Monday, hitting $128.00. The stock had a trading volume of 1,070,253 shares, compared to its average volume of 1,499,663. Biogen Inc. has a one year low of $110.04 and a one year 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. The stock's 50-day moving average price is $129.92 and its two-hundred day moving average price is $131.17. The stock has a market capitalization of $18.77 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.03 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $2.32 billion. During the same period in the previous year, the firm posted $5.28 earnings per share. The business's revenue was up 7.3% compared to the same quarter last year. Equities analysts forecast that Biogen Inc. will post 15.83 EPS for the current year.

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.