OVERSEA CHINESE BANKING Corp Ltd Purchases 736,301 Shares of Biogen Inc. (NASDAQ:BIIB)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,663.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 780,567 shares of the biotechnology company's stock after buying an additional 736,301 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned 0.53% of Biogen worth $106,813,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Biogen during the fourth quarter worth approximately $355,569,000. Invesco Ltd. increased its position in Biogen by 30.6% in the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after acquiring an additional 499,074 shares during the period. AQR Capital Management LLC raised its stake in Biogen by 982.0% during the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after acquiring an additional 489,811 shares in the last quarter. Deutsche Bank AG boosted its position 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 acquiring an additional 455,285 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Biogen by 33.1% in 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 in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group reduced their price objective on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Canaccord Genuity Group decreased their price objective on shares of Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Morgan Stanley dropped their target price on Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Argus lowered Biogen from a "buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Truist Financial lowered their price target on Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Twenty analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $188.48.

Biogen Stock Performance

NASDAQ:BIIB traded down $1.10 during mid-day trading on Monday, hitting $133.11. 694,364 shares of the company's stock traded hands, compared to its average volume of 1,576,914. The firm has a market capitalization of $19.50 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 1.07 and a beta of 0.14. The firm has a 50 day moving average of $128.17 and a two-hundred day moving average of $133.85. The company has a current ratio of 1.44, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $236.48.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share 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 firm's revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company posted $3.67 earnings per share. On average, equities analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.