Biogen Inc. (NASDAQ:BIIB) Shares Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board raised its holdings in Biogen Inc. (NASDAQ:BIIB) by 59.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 173,664 shares of the biotechnology company’s stock after purchasing an additional 64,505 shares during the period. Canada Pension Plan Investment Board owned about 0.12% of Biogen worth $40,259,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BIIB. Jump Financial LLC bought a new position in Biogen during the 4th quarter valued at $346,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Biogen during the fourth quarter worth about $213,000. Gladstone Institutional Advisory LLC acquired a new position in Biogen in the fourth quarter worth about $249,000. Corient Private Wealth LLC increased its holdings in Biogen by 37.1% in the fourth quarter. Corient Private Wealth LLC now owns 31,212 shares of the biotechnology company’s stock valued at $8,077,000 after buying an additional 8,453 shares during the last quarter. Finally, Assetmark Inc. raised its stake in Biogen by 3.3% during the fourth quarter. Assetmark Inc. now owns 5,035 shares of the biotechnology company’s stock valued at $1,303,000 after buying an additional 161 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BIIB has been the subject of several research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $292.00 target price on shares of Biogen in a research report on Thursday. Truist Financial reiterated a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. 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 research report on Friday, August 2nd. Piper Sandler decreased their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Barclays decreased their target price on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average target price of $275.52.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Biogen Trading Down 1.0 %

Shares of Biogen stock opened at $199.36 on Friday. The business has a fifty day simple moving average of $207.31 and a 200-day simple moving average of $215.00. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The firm has a market cap of $29.03 billion, a price-to-earnings ratio of 24.89, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. 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 (NASDAQ:BIIB) last released its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. Biogen’s revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company earned $4.02 earnings per share. On average, equities analysts forecast that Biogen Inc. will post 16.12 EPS for the current fiscal year.

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.