Wellington Management Group LLP Sells 258,286 Shares of Biogen Inc. $BIIB

Key Points

• Wellington Management Group LLP has reduced its stake in Biogen Inc. by 5.2%, selling 258,286 shares and now holding approximately 4.67 million shares valued at $639.4 million.
• Several institutional investors, including Vanguard Group Inc. and Invesco Ltd., have increased their holdings in Biogen, with 87.93% of the stock now owned by institutional investors and hedge funds.
• Biogen's recent quarterly earnings report revealed an earnings per share (EPS) of $5.47, surpassing analysts' expectations, with revenue growing by 7.3% year-over-year.

Wellington Management Group LLP decreased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,672,437 shares of the biotechnology company's stock after selling 258,286 shares during the quarter. Wellington Management Group LLP owned about 3.19% of Biogen worth $639,376,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of BIIB. Vanguard Group Inc. raised its holdings in Biogen by 1.7% during the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock worth $2,330,774,000 after buying an additional 283,964 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Biogen by 6.4% in the 1st quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock worth $309,944,000 after acquiring an additional 136,200 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Biogen by 1.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock worth $295,705,000 after acquiring an additional 21,170 shares during the last quarter. Northern Trust Corp lifted its position in Biogen by 14.6% in the 4th quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock valued at $237,046,000 after acquiring an additional 196,995 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Biogen by 33.1% during the 4th 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 purchasing an additional 381,122 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Canaccord Genuity Group dropped their target price on Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Mizuho dropped their price objective on Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. HC Wainwright lifted their price objective on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a report on Friday, August 1st. HSBC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price for the company. in a report on Monday, April 28th. Finally, Piper Sandler restated a "neutral" rating and set a $118.00 price target (up from $115.00) on shares of Biogen in a report on Thursday. Twenty-one analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $185.74.

Insider Transactions at Biogen

In other 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 completion of the transaction, the insider directly owned 6,330 shares in the company, valued at $854,550. The trade was a 25.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is owned by corporate insiders.

Biogen Stock Performance

NASDAQ:BIIB opened at $135.91 on Tuesday. The business's fifty day moving average is $130.17 and its 200 day moving average is $130.79. The firm has a market cap of $19.93 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.09 and a beta of 0.13. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $207.59.

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

Biogen 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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