ICICI Prudential Asset Management Co Ltd Cuts Position in Biogen Inc. (NASDAQ:BIIB)

ICICI Prudential Asset Management Co Ltd decreased its holdings in Biogen Inc. (NASDAQ:BIIB) by 7.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,249 shares of the biotechnology company’s stock after selling 2,119 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Biogen were worth $4,320,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Alberta Investment Management Corp grew its stake in shares of Biogen by 138.7% in the fourth quarter. Alberta Investment Management Corp now owns 33,180 shares of the biotechnology company’s stock worth $5,074,000 after acquiring an additional 19,280 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Biogen by 17.2% in the fourth quarter. New York State Common Retirement Fund now owns 111,016 shares of the biotechnology company’s stock worth $16,977,000 after acquiring an additional 16,271 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund grew its stake in shares of Biogen by 93.9% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 8,365 shares of the biotechnology company’s stock worth $1,279,000 after acquiring an additional 4,052 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Biogen in the fourth quarter worth $751,000. Finally, CIBC Asset Management Inc grew its stake in shares of Biogen by 3.6% during the fourth quarter. CIBC Asset Management Inc now owns 46,807 shares of the biotechnology company’s stock worth $7,158,000 after purchasing an additional 1,623 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BIIB shares. Royal Bank of Canada lowered their target price on shares of Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. JPMorgan Chase & Co. lowered their target price on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Bank Of America (Bofa) lowered their target price on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. Stifel Nicolaus downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 target price for the company. in a research note on Monday, December 16th. Finally, Jefferies Financial Group downgraded shares of Biogen from a “buy” rating to a “hold” rating and lowered their target price for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $211.85.

Biogen Trading Down 0.6 %

NASDAQ BIIB opened at $136.57 on Wednesday. The stock has a market capitalization of $19.99 billion, a P/E ratio of 12.20, a P/E/G ratio of 1.47 and a beta of -0.08. Biogen Inc. has a 52-week low of $128.51 and a 52-week high of $238.00. The firm has a 50-day moving average price of $146.52 and a 200 day moving average price of $172.19. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Equities research analysts expect that Biogen Inc. will post 15.89 EPS for the current 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.