T. Rowe Price Investment Management Inc. Reduces Stock Position in Biogen Inc. (NASDAQ:BIIB)

T. Rowe Price Investment Management Inc. lowered its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 27.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,099,786 shares of the biotechnology company's stock after selling 1,156,500 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 2.13% of Biogen worth $474,020,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pinebridge Investments L.P. increased its holdings in shares of Biogen by 430.5% in the fourth quarter. Pinebridge Investments L.P. now owns 249,800 shares of the biotechnology company's stock worth $38,199,000 after acquiring an additional 202,716 shares in the last quarter. Altrinsic Global Advisors LLC lifted its position in Biogen by 1.0% during the 4th quarter. Altrinsic Global Advisors LLC now owns 39,724 shares of the biotechnology company's stock worth $6,075,000 after buying an additional 374 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Biogen by 1.1% during the fourth 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 in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Biogen by 69.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,119 shares of the biotechnology company's stock worth $1,547,000 after purchasing an additional 4,163 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its stake in Biogen by 1.8% in the fourth quarter. MetLife Investment Management LLC now owns 38,564 shares of the biotechnology company's stock valued at $5,897,000 after acquiring an additional 690 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 value of $1,314,175.20. Following the sale, the director now 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 legal filing with the SEC, which is accessible through this link. 0.16% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BIIB shares. Piper Sandler reaffirmed a "neutral" rating and issued a $135.00 price objective (down from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. Truist Financial decreased their target price on shares of Biogen from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. HSBC downgraded Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target for the company. in a research note on Monday. Scotiabank lowered their price objective on shares of Biogen from $244.00 to $224.00 and set a "sector outperform" rating for the company in a research report on Thursday, February 13th. Finally, Canaccord Genuity Group dropped their target price on shares of Biogen from $298.00 to $265.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Nineteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $203.07.

Biogen Stock Down 0.1 %

Shares of NASDAQ:BIIB traded down $0.14 during trading on Monday, reaching $118.70. 441,092 shares of the stock were exchanged, compared to its average volume of 1,346,736. The stock has a fifty day moving average of $132.47 and a two-hundred day moving average of $148.86. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The firm has a market cap of $17.37 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 1.51 and a beta of 0.06.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) 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%. Research analysts anticipate that Biogen Inc. will post 15.83 earnings per share 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.