Pacer Advisors Inc. Has $185.08 Million Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Pacer Advisors Inc. has reduced its holdings in Biogen Inc. by 49.3%, owning approximately 1.35 million shares valued at about $185 million as of the latest SEC filing.
• Several institutional investors increased their stakes in Biogen during the fourth quarter, indicating strong institutional interest, with 87.93% of the stock currently owned by such investors.
• Biogen's latest earnings report revealed an EPS of $3.02, missing expectations and highlighting a 6.2% year-over-year revenue growth despite challenges.

Pacer Advisors Inc. cut its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 49.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,352,560 shares of the biotechnology company's stock after selling 1,314,971 shares during the period. Pacer Advisors Inc. owned 0.92% of Biogen worth $185,084,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in BIIB. Quantbot Technologies LP boosted its stake in Biogen by 217.7% during the 4th quarter. Quantbot Technologies LP now owns 2,472 shares of the biotechnology company's stock valued at $378,000 after purchasing an additional 1,694 shares during the last quarter. TIAA Trust National Association boosted its stake in Biogen by 3.1% during the 4th quarter. TIAA Trust National Association now owns 3,575 shares of the biotechnology company's stock valued at $547,000 after purchasing an additional 108 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Biogen by 3.1% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 81,614 shares of the biotechnology company's stock valued at $12,480,000 after purchasing an additional 2,443 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Biogen by 9.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 245,814 shares of the biotechnology company's stock valued at $37,415,000 after purchasing an additional 22,182 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co boosted its stake in Biogen by 25.0% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 16,100 shares of the biotechnology company's stock valued at $2,462,000 after purchasing an additional 3,216 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of analyst reports. Canaccord Genuity Group cut their price target on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Mizuho cut their price target on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Needham & Company LLC restated a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Robert W. Baird cut their target price on Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Wedbush restated a "neutral" rating and issued a $121.00 target price on shares of Biogen in a research note on Thursday, June 12th. Twenty-one investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $186.37.

Biogen Trading Up 1.2%

Shares of BIIB stock opened at $132.59 on Friday. The company's fifty day simple moving average is $129.63 and its two-hundred day simple moving average is $132.66. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $236.48. The stock has a market capitalization of $19.43 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.05 and a beta of 0.14.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). Biogen had a net margin of 15.07% and a return on equity of 14.03%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the firm earned $3.67 EPS. The company's revenue was up 6.2% compared to the same quarter last year. As a group, analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

Insider Transactions at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the sale, the insider owned 6,330 shares of the company's stock, valued at $854,550. The trade was a 25.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.18% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.