Primecap Management Co. CA Lowers Position in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Primecap Management Co. CA reduced its position in Biogen Inc. by 0.6% during the first quarter, owning approximately 15.9 million shares valued at around $2.18 billion.
• Other institutional investors like Vanguard Group Inc. and Invesco Ltd. have increased their stakes in Biogen, indicating continued institutional interest.
• Biogen reported an earnings per share of $5.47 for the last quarter, exceeding analysts' expectations of $3.93, alongside a revenue increase of 7.3% year-over-year.

Primecap Management Co. CA lessened its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 0.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,943,259 shares of the biotechnology company's stock after selling 102,950 shares during the quarter. Biogen makes up about 1.8% of Primecap Management Co. CA's investment portfolio, making the stock its 14th largest holding. Primecap Management Co. CA owned about 10.88% of Biogen worth $2,181,676,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Biogen by 1.7% during the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock valued at $2,330,774,000 after buying an additional 283,964 shares during the last quarter. Invesco Ltd. raised 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 valued at $325,537,000 after buying an additional 499,074 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 valued at $295,705,000 after buying an additional 21,170 shares during the last quarter. Northern Trust Corp raised 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 valued at $237,046,000 after buying an additional 196,995 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Biogen by 33.1% during 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 buying an additional 381,122 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insider Transactions at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the sale, the insider directly owned 6,330 shares in the company, valued at $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 available at this link. 0.18% of the stock is currently owned by company insiders.

Biogen Price Performance

NASDAQ:BIIB opened at $132.89 on Wednesday. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $19.48 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.04 and a beta of 0.13. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $207.59. The business's 50-day moving average is $130.06 and its 200 day moving average is $131.64.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 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 company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the business earned $5.28 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of recent research reports. Mizuho lowered 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. Hsbc Global Res cut Biogen from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Canaccord Genuity Group decreased 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. JPMorgan Chase & Co. decreased their price target on Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. Finally, Piper Sandler restated a "neutral" rating and issued a $115.00 price target 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 issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $185.63.

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.

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