Point72 Hong Kong Ltd Acquires New Shares in Biogen Inc. (NASDAQ:BIIB)

Point72 Hong Kong Ltd acquired a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 26,179 shares of the biotechnology company's stock, valued at approximately $4,003,000.

Several other large investors also recently modified their holdings of BIIB. Pacer Advisors Inc. grew its position in shares of 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 during the period. Norges Bank acquired a new stake in shares of Biogen during the 4th quarter worth approximately $355,569,000. Van ECK Associates Corp grew its position in shares of Biogen by 977.9% during the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock worth $163,083,000 after buying an additional 967,523 shares during the period. Invesco Ltd. grew its position in shares of Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after buying an additional 499,074 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Biogen by 982.0% during the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock worth $81,914,000 after buying an additional 489,811 shares during the period. Institutional investors and hedge funds own 87.93% of the company's stock.

Analyst Ratings Changes

BIIB has been the subject of several recent analyst reports. The Goldman Sachs Group reduced their price objective on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Oppenheimer set a $205.00 price target on shares of Biogen in a research report on Friday, May 2nd. JPMorgan Chase & Co. reduced their price target on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Mizuho reduced their price target on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Finally, Morgan Stanley reduced their price target on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Twenty research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Biogen has an average rating of "Hold" and a consensus target price of $191.30.

Insider Buying and Selling

In other news, Director Stephen A. Sherwin sold 8,760 shares of the business's stock in a transaction on 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 sale, the director now directly owns 11,318 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is owned by corporate insiders.

Biogen Trading Up 1.5%

BIIB traded up $1.89 during trading on Friday, reaching $125.59. The company had a trading volume of 1,803,229 shares, compared to its average volume of 1,382,639. The stock has a market cap of $18.40 billion, a P/E ratio of 11.22, a PEG ratio of 1.51 and a beta of 0.12. The business has a 50 day simple moving average of $125.96 and a 200-day simple moving average of $142.31. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $238.00. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

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

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.