Corebridge Financial Inc. Decreases Holdings in Biogen Inc. (NASDAQ:BIIB)

Corebridge Financial Inc. trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB) by 3.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 45,492 shares of the biotechnology company’s stock after selling 1,710 shares during the quarter. Corebridge Financial Inc.’s holdings in Biogen were worth $6,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. lifted its holdings in Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after acquiring an additional 2,648,024 shares during the period. Van ECK Associates Corp increased its position in shares of Biogen by 977.9% during the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after purchasing an additional 967,523 shares during the last quarter. Amundi lifted its stake in shares of Biogen by 35.6% in the 4th quarter. Amundi now owns 1,216,990 shares of the biotechnology company’s stock worth $183,461,000 after purchasing an additional 319,478 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Biogen in the third quarter worth approximately $55,826,000. Finally, State Street Corp grew its position in Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after buying an additional 248,942 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on BIIB. Scotiabank decreased their price target on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 13th. BMO Capital Markets decreased their target price on Biogen from $156.00 to $139.00 and set a “market perform” rating on the stock in a report on Thursday, February 13th. Piper Sandler reiterated a “neutral” rating and set a $135.00 target price (down from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. The Goldman Sachs Group reduced their price target on Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $178.00 price objective on shares of Biogen in a research note on Tuesday, December 10th. Seventeen 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.com, the stock presently has an average rating of “Hold” and an average price target of $213.33.

Insider Buying and Selling

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This trade represents a 43.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by company insiders.

Biogen Stock Down 1.4 %

NASDAQ BIIB opened at $138.37 on Friday. The stock has a 50 day moving average price of $141.88 and a 200-day moving average price of $160.25. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market capitalization of $20.25 billion, a P/E ratio of 12.37, a P/E/G ratio of 1.51 and a beta of 0.01.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating 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%. As a group, equities analysts predict that Biogen Inc. will post 15.83 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.