50,000 Shares in Biogen Inc. (NASDAQ:BIIB) Acquired by Tredje AP fonden

Key Points

• Tredje AP fonden acquired 50,000 shares of Biogen Inc. in Q1, valued at approximately $6.8 million, indicating increased institutional interest in the biotechnology company's stock.
• Biogen's stock has received mixed reviews from analysts, with a consensus rating of "Hold" and an average price target of $186.37, reflecting a cautious outlook on its performance.
• Despite a missed earnings estimate of $3.02 per share for the last quarter, Biogen reported a revenue increase of 6.2% year-over-year, totaling $2.43 billion.

Tredje AP fonden bought a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 50,000 shares of the biotechnology company's stock, valued at approximately $6,842,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BIIB. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Biogen by 1,663.4% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock worth $106,813,000 after acquiring an additional 736,301 shares during the last quarter. Invesco Ltd. boosted its position in shares of 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 acquiring an additional 499,074 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Biogen by 982.0% during the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock worth $81,914,000 after acquiring an additional 489,811 shares during the last quarter. Deutsche Bank AG raised its stake in Biogen by 63.7% during the fourth quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after purchasing an additional 455,285 shares in the last quarter. Finally, AustralianSuper Pty Ltd purchased a new stake in Biogen during the first quarter valued at $54,421,000. Institutional investors own 87.93% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on BIIB shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Hsbc Global Res downgraded shares of Biogen from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. The Goldman Sachs Group reduced their target price on shares of Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Citigroup increased their target price on shares of Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday. Finally, HSBC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price on the stock. in a research note on Monday, April 28th. Twenty-one investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $185.63.

Biogen Stock Up 3.1%

Shares of NASDAQ:BIIB traded up $3.95 during trading on Friday, reaching $131.95. The stock had a trading volume of 2,798,041 shares, compared to its average volume of 1,270,644. Biogen Inc. has a one year low of $110.04 and a one year high of $213.50. The company has a market capitalization of $19.33 billion, a P/E ratio of 12.61, a PEG ratio of 1.85 and a beta of 0.13. The company has a current ratio of 2.50, a quick ratio of 1.01 and a debt-to-equity ratio of 0.36. The firm's 50-day simple moving average is $129.84 and its 200 day simple moving average is $131.82.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.32 billion. During the same period last year, the business earned $5.28 EPS. The company's revenue was up 7.3% compared to the same quarter last year. As a group, research analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the sale, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company's stock.

About Biogen

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.