Toronto Dominion Bank Boosts Stock Position in Biogen Inc. (NASDAQ:BIIB)

Toronto Dominion Bank increased its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 20.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 72,671 shares of the biotechnology company's stock after buying an additional 12,301 shares during the quarter. Toronto Dominion Bank's holdings in Biogen were worth $11,111,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC lifted its position in Biogen by 285.5% during the fourth quarter. Suvretta Capital Management LLC now owns 115,436 shares of the biotechnology company's stock worth $17,652,000 after buying an additional 85,490 shares in the last quarter. Siemens Fonds Invest GmbH lifted its position in Biogen by 159.4% during the fourth quarter. Siemens Fonds Invest GmbH now owns 14,321 shares of the biotechnology company's stock worth $2,190,000 after buying an additional 8,801 shares in the last quarter. Sherbrooke Park Advisers LLC increased its stake in Biogen by 75.1% during the fourth quarter. Sherbrooke Park Advisers LLC now owns 4,464 shares of the biotechnology company's stock worth $683,000 after acquiring an additional 1,914 shares during the last quarter. Sig Brokerage LP acquired a new stake in Biogen during the fourth quarter worth $675,000. Finally, Rafferty Asset Management LLC increased its stake in Biogen by 18.3% during the fourth quarter. Rafferty Asset Management LLC now owns 189,520 shares of the biotechnology company's stock worth $28,981,000 after acquiring an additional 29,319 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several recent analyst reports. Sanford C. Bernstein initiated coverage on Biogen in a research note on Tuesday, February 11th. They set a "market perform" rating and a $160.00 target price for the company. HC Wainwright cut their target price on Biogen from $241.00 to $187.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Robert W. Baird cut their target price on Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Royal Bank of Canada cut their target price on Biogen from $217.00 to $205.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Finally, Morgan Stanley dropped their price objective on Biogen from $157.00 to $152.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Twenty investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $191.30.

Biogen Stock Down 0.4%

NASDAQ BIIB traded down $0.49 during trading on Friday, reaching $125.81. 837,351 shares of the company's stock were exchanged, compared to its average volume of 1,391,772. The stock has a market cap of $18.43 billion, a P/E ratio of 11.24, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a 50 day moving average price of $124.61 and a two-hundred day moving average price of $140.92. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly 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). The business had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. The firm's quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $3.67 earnings per share. On average, equities research analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Activity at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company's stock, valued at $1,697,926.36. This represents a 43.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.16% of the company's stock.

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.