The Manufacturers Life Insurance Company Sells 6,596 Shares of Biogen Inc. (NASDAQ:BIIB)

The Manufacturers Life Insurance Company trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 5.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,829 shares of the biotechnology company’s stock after selling 6,596 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.09% of Biogen worth $29,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Plato Investment Management Ltd grew its holdings in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the last quarter. Livelsberger Financial Advisory bought a new stake in Biogen in the 4th quarter worth $26,000. Rise Advisors LLC purchased a new position in shares of Biogen in the first quarter valued at about $27,000. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen in the second quarter valued at about $33,000. Finally, EntryPoint Capital LLC bought a new position in shares of Biogen during the first quarter valued at about $36,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were 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 in the company, valued at approximately $1,085,633.52. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

BIIB has been the topic of a number of research analyst reports. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Needham & Company LLC reissued a “buy” rating and set a $285.00 target price on shares of Biogen in a research note on Tuesday, September 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Wedbush reduced their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Finally, William Blair reaffirmed an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $275.30.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $193.84 on Tuesday. The firm has a market cap of $28.22 billion, a P/E ratio of 24.20, a PEG ratio of 1.97 and a beta of -0.06. Biogen Inc. has a twelve month low of $188.78 and a twelve month high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average of $203.47 and a 200 day moving average of $213.68.

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