Biogen Inc. (NASDAQ:BIIB) Shares Acquired by Pinebridge Investments L.P.

Pinebridge Investments L.P. increased its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 430.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 249,800 shares of the biotechnology company's stock after buying an additional 202,716 shares during the period. Pinebridge Investments L.P. owned about 0.17% of Biogen worth $38,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Biogen Stock Performance

Shares of NASDAQ BIIB traded down $0.13 during midday trading on Monday, reaching $118.71. 441,092 shares of the company were exchanged, compared to its average volume of 1,346,736. The stock has a market cap of $17.38 billion, a P/E ratio of 10.61, a PEG ratio of 1.51 and a beta of 0.06. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $238.00. The stock has a fifty day simple moving average of $132.47 and a 200 day simple moving average of $148.86. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating analysts' consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. On average, research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.16% 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 reissued a "hold" rating on shares of Biogen in a report on Friday. William Blair restated an "outperform" rating on shares of Biogen in a research note on Monday, January 13th. 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. Sanford C. Bernstein began coverage on Biogen in a report on Tuesday, February 11th. They set a "market perform" rating and a $160.00 target price for the company. Finally, HSBC cut shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target for the company. in a research report on Monday. Nineteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $203.07.

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.