Letko Brosseau & Associates Inc. Raises Holdings in Biogen Inc. (NASDAQ:BIIB)

Letko Brosseau & Associates Inc. boosted its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 7.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 112,672 shares of the biotechnology company’s stock after acquiring an additional 7,365 shares during the quarter. Letko Brosseau & Associates Inc. owned about 0.08% of Biogen worth $26,120,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the period. Primecap Management Co. CA grew its stake in shares of Biogen by 1.6% in the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock valued at $4,208,760,000 after buying an additional 251,915 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Biogen by 22.2% in the 1st quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after buying an additional 316,144 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Biogen by 5.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after acquiring an additional 81,283 shares in the last quarter. Finally, Norges Bank purchased a new position in Biogen during the 4th quarter valued at about $378,728,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Barclays cut their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Wedbush reduced their target price on shares of Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Piper Sandler dropped their price target on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $285.00 price objective on shares of Biogen in a research report on Wednesday. Finally, Wells Fargo & Company decreased their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and a consensus price target of $276.35.

Biogen Stock Performance

NASDAQ:BIIB traded down $0.99 during mid-day trading on Friday, reaching $200.81. 834,800 shares of the stock were exchanged, compared to its average volume of 1,103,747. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen Inc. has a 1 year low of $189.44 and a 1 year high of $269.43. The company has a 50 day simple moving average of $213.38 and a 200-day simple moving average of $216.58. The stock has a market capitalization of $29.24 billion, a P/E ratio of 25.07, a P/E/G ratio of 2.06 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $4.02 EPS. Analysts anticipate that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Insider Activity

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

About Biogen

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.