Biogen Inc. (NASDAQ:BIIB) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 25.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,192,206 shares of the biotechnology company’s stock after buying an additional 239,500 shares during the period. Renaissance Technologies LLC’s holdings in Biogen were worth $182,312,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Invesco Ltd. boosted its stake in Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after buying an additional 499,074 shares in the last quarter. Cerity Partners LLC raised its holdings in Biogen by 183.8% during the 4th quarter. Cerity Partners LLC now owns 22,091 shares of the biotechnology company’s stock worth $3,520,000 after buying an additional 14,306 shares during the period. FMR LLC lifted its position in shares of Biogen by 98.7% in the 4th quarter. FMR LLC now owns 757,570 shares of the biotechnology company’s stock valued at $115,848,000 after acquiring an additional 376,356 shares in the last quarter. Quadrant Capital Group LLC grew its position in Biogen by 64.8% during the 4th quarter. Quadrant Capital Group LLC now owns 669 shares of the biotechnology company’s stock worth $102,000 after purchasing an additional 263 shares in the last quarter. Finally, Ilmarinen Mutual Pension Insurance Co lifted its holdings in shares of Biogen by 33.3% in the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 24,000 shares of the biotechnology company’s stock valued at $3,670,000 after purchasing an additional 6,000 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BIIB shares. StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. Truist Financial dropped their price objective on shares of Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Stifel Nicolaus cut shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target on the stock. in a report on Monday, December 16th. Royal Bank of Canada lowered their target price on Biogen from $231.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Eighteen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $213.33.

Biogen Stock Down 3.1 %

Shares of BIIB stock opened at $119.19 on Tuesday. The company has a market capitalization of $17.45 billion, a price-to-earnings ratio of 10.65, a P/E/G ratio of 1.51 and a beta of 0.06. Biogen Inc. has a 12-month low of $117.40 and a 12-month high of $238.00. The firm has a fifty day moving average of $140.08 and a 200-day moving average of $156.76. 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 released its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. As a group, equities research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the transaction, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

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.