Zurcher Kantonalbank Zurich Cantonalbank Lowers Stake in Biogen Inc. (NASDAQ:BIIB)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 21.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 169,381 shares of the biotechnology company's stock after selling 45,019 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.12% of Biogen worth $43,831,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Snowden Capital Advisors LLC boosted its stake in shares of Biogen by 2.5% in the 2nd quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company's stock valued at $453,000 after purchasing an additional 39 shares in the last quarter. First Manhattan Co. boosted its stake in shares of Biogen by 33.3% in the 4th quarter. First Manhattan Co. now owns 160 shares of the biotechnology company's stock valued at $44,000 after purchasing an additional 40 shares in the last quarter. Systematic Financial Management LP boosted its position in Biogen by 2.5% during the 1st quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company's stock valued at $456,000 after buying an additional 40 shares during the period. Stratos Wealth Partners LTD. boosted its position in Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company's stock valued at $1,036,000 after buying an additional 42 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its position in Biogen by 2.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company's stock valued at $525,000 after buying an additional 45 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Biogen

In other news, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares of the company's stock, valued at approximately $4,590,777.66. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares of the company's stock, valued at $1,080,929.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have weighed in on BIIB. Canaccord Genuity Group dropped their price target on shares of Biogen from $310.00 to $305.00 and set a "buy" rating for the company in a research report on Tuesday, February 20th. Piper Sandler dropped their price target on shares of Biogen from $350.00 to $325.00 and set an "overweight" rating for the company in a research report on Wednesday, February 14th. Wells Fargo & Company cut shares of Biogen from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $315.00 to $240.00 in a research report on Wednesday, February 14th. Barclays dropped their price target on shares of Biogen from $230.00 to $215.00 and set an "equal weight" rating for the company in a research report on Thursday, April 4th. Finally, HC Wainwright reissued a "buy" rating and set a $325.00 price target on shares of Biogen in a research report on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, Biogen currently has a consensus rating of "Moderate Buy" and a consensus price target of $297.73.

Biogen Stock Down 1.5 %

NASDAQ:BIIB traded down $2.99 on Wednesday, reaching $192.16. 1,320,645 shares of the stock traded hands, compared to its average volume of 1,151,376. The company has a market capitalization of $27.93 billion, a price-to-earnings ratio of 24.08, a PEG ratio of 1.87 and a beta of -0.02. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. Biogen Inc. has a 12 month low of $192.01 and a 12 month high of $319.76. The company's fifty day simple moving average is $217.16 and its 200 day simple moving average is $236.56.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing analysts' consensus estimates of $3.18 by ($0.23). The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same quarter in the prior year, the business posted $4.05 earnings per share. Equities analysts predict that Biogen Inc. will post 15.48 EPS for the current fiscal 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.