Panagora Asset Management Inc. trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 3.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 220,824 shares of the biotechnology company’s stock after selling 8,023 shares during the quarter. Panagora Asset Management Inc.’s holdings in Biogen were worth $61,776,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northwest Bancshares Inc. lifted its position in shares of Biogen by 19.9% during the fourth quarter. Northwest Bancshares Inc. now owns 13,509 shares of the biotechnology company’s stock worth $3,308,000 after purchasing an additional 2,246 shares during the last quarter. IFP Advisors Inc raised its position in shares of Biogen by 27.5% during the 1st quarter. IFP Advisors Inc now owns 9,986 shares of the biotechnology company’s stock valued at $2,793,000 after acquiring an additional 2,154 shares in the last quarter. Bank Pictet & Cie Asia Ltd. lifted its stake in Biogen by 50.2% during the first quarter. Bank Pictet & Cie Asia Ltd. now owns 4,716 shares of the biotechnology company’s stock worth $1,319,000 after purchasing an additional 1,577 shares during the last quarter. Baird Financial Group Inc. increased its stake in Biogen by 21.4% during the fourth quarter. Baird Financial Group Inc. now owns 74,540 shares of the biotechnology company’s stock valued at $18,251,000 after purchasing an additional 13,159 shares during the last quarter. Finally, Toronto Dominion Bank grew its position in shares of Biogen by 6.7% during the 4th quarter. Toronto Dominion Bank now owns 103,987 shares of the biotechnology company’s stock valued at $25,462,000 after buying an additional 6,506 shares during the last quarter. 85.10% of the stock is owned by institutional investors.
NASDAQ BIIB traded up $3.29 during trading on Friday, hitting $418.00. The company’s stock had a trading volume of 13,724 shares, compared to its average volume of 1,527,299. Biogen Inc. has a 52 week low of $223.25 and a 52 week high of $468.55. The firm has a market cap of $62.93 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 1.87 and a beta of 0.44. The business’s 50 day moving average is $282.68. The company has a current ratio of 2.12, a quick ratio of 1.75 and a debt-to-equity ratio of 0.68.
Several equities research analysts have weighed in on the company. Sanford C. Bernstein raised Biogen from a “market perform” rating to an “outperform” rating and set a $500.00 target price on the stock in a research report on Friday. Royal Bank of Canada boosted their target price on shares of Biogen from $259.00 to $400.00 and gave the company a “sector perform” rating in a research note on Tuesday. Barclays raised their target price on Biogen from $265.00 to $395.00 and gave the company an “equal weight” rating in a research report on Tuesday. Cantor Fitzgerald decreased their price target on Biogen from $278.00 to $268.00 and set a “neutral” rating for the company in a research note on Wednesday, February 17th. Finally, UBS Group raised shares of Biogen from a “neutral” rating to a “buy” rating and set a $463.00 price objective for the company in a report on Thursday. Sixteen analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $374.34.
In other news, insider Alfred Sandrock sold 7,672 shares of the firm’s stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $440.00, for a total transaction of $3,375,680.00. Following the completion of the transaction, the insider now directly owns 2,919 shares of the company’s stock, valued at approximately $1,284,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian S. Posner sold 360 shares of Biogen stock in a transaction dated Friday, June 4th. The shares were sold at an average price of $274.17, for a total transaction of $98,701.20. Following the sale, the director now owns 7,400 shares in the company, valued at $2,028,858. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by corporate insiders.
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.
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