OVERSEA CHINESE BANKING Corp Ltd Grows Position in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Oversea Chinese Banking Corp Ltd increased its holdings in Biogen Inc. by 20.4% in the first quarter, bringing its total to 53,280 shares worth approximately $7.33 million.
• Biogen reported earnings of $5.47 EPS for the last quarter, exceeding analyst expectations by $1.54, with revenues reaching $2.65 billion.
• Recent analyst ratings for Biogen show a shift with 21 analysts rating it as a "hold", while 12 give it a "buy" rating, reflecting varied sentiment in the market.

OVERSEA CHINESE BANKING Corp Ltd raised its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 20.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,280 shares of the biotechnology company's stock after purchasing an additional 9,014 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Biogen were worth $7,329,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in Biogen by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock worth $563,709,000 after purchasing an additional 82,456 shares during the period. Invesco Ltd. grew 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. Price T Rowe Associates Inc. MD grew its stake in Biogen by 1.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock worth $295,705,000 after purchasing an additional 21,170 shares during the period. Northern Trust Corp grew its stake 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 purchasing an additional 196,995 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in 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 valued at $234,551,000 after acquiring an additional 381,122 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on BIIB. Mizuho reduced their price objective on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Truist Financial initiated coverage on Biogen in a research note on Monday, July 21st. They issued a "hold" rating and a $142.00 price objective for the company. Canaccord Genuity Group dropped 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. Citigroup lifted their price target on Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a report on Friday. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Twenty-one research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of "Hold" and a consensus target price of $185.63.

Insider Activity

In related news, insider Rachid Izzar sold 2,223 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the transaction, the insider directly owned 6,330 shares in the company, valued at $854,550. This trade represents a 25.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is currently owned by corporate insiders.

Biogen Trading Up 0.2%

Shares of Biogen stock traded up $0.25 on Monday, hitting $132.20. The stock had a trading volume of 1,897,830 shares, compared to its average volume of 1,410,572. The stock has a 50 day moving average of $129.84 and a 200 day moving average of $131.69. 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 quick ratio of 1.79 and a current ratio of 2.50. The firm has a market capitalization of $19.38 billion, a P/E ratio of 12.64, a PEG ratio of 1.78 and a beta of 0.13.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 prior year, the business earned $5.28 EPS. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. Sell-side analysts expect 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.