Biogen Inc. (NASDAQ:BIIB) Shares Sold by USS Investment Management Ltd

USS Investment Management Ltd reduced its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 15.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,498 shares of the biotechnology company's stock after selling 5,584 shares during the period. USS Investment Management Ltd's holdings in Biogen were worth $4,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Biogen by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company's stock valued at $2,561,238,000 after buying an additional 70,368 shares in the last quarter. Geode Capital Management LLC increased its position in Biogen by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock valued at $563,709,000 after buying an additional 82,456 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock valued at $407,919,000 after purchasing an additional 2,648,024 shares during the period. Norges Bank acquired a new position in shares of Biogen in the fourth quarter valued at about $355,569,000. Finally, Invesco Ltd. increased its holdings in shares of Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after purchasing an additional 499,074 shares during the period. 87.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm's stock in a transaction that occurred on 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 transaction, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This trade represents a 43.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.16% of the company's stock.

Biogen Price Performance

BIIB stock traded down $0.49 during mid-day trading on Friday, reaching $125.81. 837,351 shares of the company's stock were exchanged, compared to its average volume of 1,394,266. The company has a market cap of $18.43 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. The stock's 50 day moving average is $124.61 and its 200 day moving average is $140.69. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). The firm had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.25 billion. Biogen had a net margin of 16.87% and a return on equity of 14.98%. The business's revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $3.67 EPS. On average, research analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. HC Wainwright cut their price objective on Biogen from $241.00 to $187.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Hsbc Global Res lowered Biogen from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. BMO Capital Markets cut their price objective on Biogen from $156.00 to $139.00 and set a "market perform" rating on the stock in a report on Thursday, February 13th. Truist Financial cut their price objective on Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Finally, Bank Of America (Bofa) cut their price objective on Biogen from $178.00 to $163.00 and set a "neutral" rating on the stock in a report on Tuesday, February 11th. Twenty research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Biogen currently has an average rating of "Hold" and a consensus price target of $191.30.

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.